ANET vs MTUM: Correlation
How closely do Arista Networks (ANET) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANET and MTUM?
Across a 3-year window, the weekly returns of ANET and MTUM correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.55, with an annualized covariance of 656.7 %².
By 3-year correlation, MTUM places #8 of the 35 assets tracked against ANET. The last year tells two different stories: ANET led by 25.7 percentage points, +50.9% for ANET against +25.2% for MTUM. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.09 to 0.80. Note the risk asymmetry: ANET runs 2.4 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.
ANET vs MTUM: side by side
| ANET (Arista Networks) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +50.9% | +25.2% |
| 5-year return | +764.7% | +76.1% |
| Volatility (ann.) | 49.3% | 20.6% |
| Beta vs S&P 500 | 2.20 | 1.25 |
| Max drawdown (3Y) | -50.4% | -21.0% |
| Market cap | $253.6B | – |
| P/E (trailing) | 64.0 | – |
| Dividend yield | 0.00% | 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 | ANET | MTUM |
|---|---|---|
| 2022 | -15.6% | -18.3% |
| 2023 | +94.1% | +9.1% |
| 2024 | +87.7% | +32.9% |
| 2025 | +18.5% | +22.1% |
| 2026 | +53.5% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.8% of MTUM is ANET itself, so the fund partly moves with the stock by construction.
Are ANET and MTUM good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ANET and MTUM?
As of 2026-08-27, the correlation of weekly returns between ANET and MTUM is 0.65 over 3 years, 0.44 over 1 year and 0.55 over 5 years.
Is MTUM a good diversifier for ANET?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/anet-vs-mtum.json
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Related comparisons
Hubs: ANET correlations · MTUM correlations
