CIEN vs MTUM: Correlation
Measured on weekly returns over the past three years, Ciena (CIEN) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIEN and MTUM?
Over the past 3 years, CIEN and MTUM moved with a correlation of 0.54, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.54 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 552.5 %².
By 3-year correlation, MTUM places #4 of the 28 assets tracked against CIEN. The last year tells two different stories: CIEN led by 306.0 percentage points, +331.2% for CIEN against +25.2% for MTUM. The relationship is regime-dependent: the rolling one-year correlation swung between 0.18 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: CIEN 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.
CIEN vs MTUM: side by side
| CIEN (Ciena) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +331.2% | +25.2% |
| 5-year return | +598.5% | +76.1% |
| Volatility (ann.) | 50.1% | 20.6% |
| Beta vs S&P 500 | 1.59 | 1.25 |
| Max drawdown (3Y) | -47.3% | -21.0% |
| Market cap | $56.6B | – |
| P/E (trailing) | 133.7 | – |
| 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 | CIEN | MTUM |
|---|---|---|
| 2022 | -33.8% | -18.3% |
| 2023 | -11.7% | +9.1% |
| 2024 | +88.4% | +32.9% |
| 2025 | +175.8% | +22.1% |
| 2026 | +71.0% | +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 CIEN at a 0.67% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CIEN and MTUM good diversifiers for each other?
Only partially. A correlation of 0.54 means CIEN 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 CIEN and MTUM?
The CIEN/MTUM correlation stands at 0.54 on a 3-year window (1 year: 0.39, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for CIEN?
Only partially. A correlation of 0.54 means CIEN 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 0.54 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.
Use this data
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Related comparisons
Hubs: CIEN correlations · MTUM correlations
