AMAT vs MTUM: Correlation
How closely do Applied Materials (AMAT) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAT and MTUM?
On 3 years of weekly data the AMAT/MTUM correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 619.6 %².
By 3-year correlation, MTUM places #13 of the 34 assets tracked against AMAT. Correlation aside, the last 12 months split them widely, with AMAT ahead by 169.8 points (+195.0% versus +25.2%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.21 to 0.83. Note the risk asymmetry: AMAT runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AMAT vs MTUM: side by side
| AMAT (Applied Materials) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +195.0% | +25.2% |
| 5-year return | +269.5% | +76.1% |
| Volatility (ann.) | 43.5% | 20.6% |
| Beta vs S&P 500 | 1.69 | 1.25 |
| Max drawdown (3Y) | -49.9% | -21.0% |
| Market cap | $382.8B | – |
| P/E (trailing) | 41.3 | – |
| Dividend yield | 0.41% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Information Technology | 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 | AMAT | MTUM |
|---|---|---|
| 2022 | -37.5% | -18.3% |
| 2023 | +68.0% | +9.1% |
| 2024 | +1.1% | +32.9% |
| 2025 | +59.6% | +22.1% |
| 2026 | +88.4% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.89% of MTUM is AMAT itself, so the fund partly moves with the stock by construction.
Are AMAT and MTUM good diversifiers for each other?
Only partially. A correlation of 0.69 means AMAT and MTUM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AMAT and MTUM?
The AMAT/MTUM correlation stands at 0.69 on a 3-year window (1 year: 0.67, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for AMAT?
Only partially. A correlation of 0.69 means AMAT and MTUM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amat-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amat-vs-mtum/)
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Related comparisons
Hubs: AMAT correlations · MTUM correlations
