ALMS vs MTUM: Correlation
Measured on weekly returns over the past three years, Alumis Inc. (ALMS) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALMS and MTUM?
Across a 3-year window, the weekly returns of ALMS and MTUM correlate at -0.16, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.16). Stretching to 5 years gives n/a, with an annualized covariance of -459.1 %².
Among the 92 assets we track against ALMS, MTUM ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ALMS outperformed by 346.5 percentage points (+371.7% for ALMS against +25.2% for MTUM). One caveat on sizing: ALMS is 6.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ALMS vs MTUM: side by side
| ALMS (Alumis Inc.) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +371.7% | +25.2% |
| 5-year return | n/a | +76.1% |
| Volatility (ann.) | 130.0% | 20.6% |
| Beta vs S&P 500 | -1.50 | 1.25 |
| Max drawdown (3Y) | -78.9% | -21.0% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | ETF · US Style |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | ALMS | MTUM |
|---|---|---|
| 2022 | – | -18.3% |
| 2023 | – | +9.1% |
| 2024 | – | +32.9% |
| 2025 | +24.2% | +22.1% |
| 2026 | +137.8% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALMS and MTUM good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALMS and MTUM?
As of 2026-08-27, the correlation of weekly returns between ALMS and MTUM is -0.16 over 3 years, 0.05 over 1 year and n/a over 5 years.
Is MTUM a good diversifier for ALMS?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ALMS correlations · MTUM correlations
