CLS vs MTUM: Correlation
How closely do Celestica, Inc. (CLS) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and MTUM?
On 3 years of weekly data the CLS/MTUM correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.64). The 5-year figure is 0.58, and annualized covariance runs at 798.6 %².
In CLS's tracked universe of 23 assets, MTUM sits right near the top at #2. The last year tells two different stories: CLS led by 31.8 percentage points, +57.0% for CLS against +25.2% for MTUM. Note the risk asymmetry: CLS runs 2.9 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.
CLS vs MTUM: side by side
| CLS (Celestica, Inc.) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +57.0% | +25.2% |
| 5-year return | +3251.4% | +76.1% |
| Volatility (ann.) | 60.6% | 20.6% |
| Beta vs S&P 500 | 2.49 | 1.25 |
| Max drawdown (3Y) | -54.0% | -21.0% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | 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 | CLS | MTUM |
|---|---|---|
| 2022 | +1.3% | -18.3% |
| 2023 | +159.8% | +9.1% |
| 2024 | +215.2% | +32.9% |
| 2025 | +220.3% | +22.1% |
| 2026 | +7.4% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and MTUM good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CLS and MTUM?
The CLS/MTUM correlation stands at 0.64 on a 3-year window (1 year: 0.48, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for CLS?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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
$ curl https://www.pairbook.io/api/v1/pairs/cls-vs-mtum.json
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Related comparisons
Hubs: CLS correlations · MTUM correlations
