CEG vs MTUM: Correlation
Constellation Energy (CEG) and iShares MSCI USA Momentum Factor ETF (MTUM) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and MTUM?
Across a 3-year window, the weekly returns of CEG and MTUM correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.48, with an annualized covariance of 550.4 %².
Within CEG's tracked universe of 32 assets, MTUM comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 35.3 percentage points (-10.1% for CEG against +25.2% for MTUM). This link changes with the market regime, having swung between 0.19 and 0.75 on a rolling one-year basis. Note the risk asymmetry: CEG runs 2.5 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.
CEG vs MTUM: side by side
| CEG (Constellation Energy) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | -10.1% | +25.2% |
| 5-year return | +598.5% | +76.1% |
| Volatility (ann.) | 52.1% | 20.6% |
| Beta vs S&P 500 | 1.42 | 1.25 |
| Max drawdown (3Y) | -50.7% | -21.0% |
| Market cap | $100.1B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.58% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Utilities | 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 | CEG | MTUM |
|---|---|---|
| 2022 | – | -18.3% |
| 2023 | +37.2% | +9.1% |
| 2024 | +92.7% | +32.9% |
| 2025 | +58.8% | +22.1% |
| 2026 | -19.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and MTUM good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEG and MTUM?
As of 2026-08-27, the correlation of weekly returns between CEG and MTUM is 0.51 over 3 years, 0.32 over 1 year and 0.48 over 5 years.
Is MTUM a good diversifier for CEG?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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: CEG correlations · MTUM correlations
