AVGO vs MTUM: Correlation
Broadcom (AVGO) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVGO and MTUM?
On 3 years of weekly data the AVGO/MTUM correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.64, and annualized covariance runs at 728.7 %².
Among the 33 assets we track against AVGO, MTUM ranks #10 by 3-year correlation. Neither side won the trailing year by much: +24.7% against +25.2%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.81 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: AVGO is 2.5 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.
AVGO vs MTUM: side by side
| AVGO (Broadcom) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +24.7% | +25.2% |
| 5-year return | +718.0% | +76.1% |
| Volatility (ann.) | 51.3% | 20.6% |
| Beta vs S&P 500 | 2.45 | 1.25 |
| Max drawdown (3Y) | -41.1% | -21.0% |
| Market cap | $1,767.6B | – |
| P/E (trailing) | 59.2 | – |
| Dividend yield | 0.71% | 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 | AVGO | MTUM |
|---|---|---|
| 2022 | -13.3% | -18.3% |
| 2023 | +104.2% | +9.1% |
| 2024 | +110.5% | +32.9% |
| 2025 | +50.6% | +22.1% |
| 2026 | +7.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MTUM holds AVGO at a 4.25% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AVGO and MTUM good diversifiers for each other?
Only partially. A correlation of 0.69 means AVGO 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 AVGO and MTUM?
The AVGO/MTUM correlation stands at 0.69 on a 3-year window (1 year: 0.63, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for AVGO?
Only partially. A correlation of 0.69 means AVGO 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?
On the −1 to +1 scale, 0.69 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
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Related comparisons
Hubs: AVGO correlations · MTUM correlations
