CMI vs MTUM: Correlation
Measured on weekly returns over the past three years, Cummins (CMI) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and MTUM?
On 3 years of weekly data the CMI/MTUM correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 320.5 %².
Within CMI's tracked universe of 36 assets, MTUM comes in at #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CMI outperformed by 19.9 percentage points (+45.1% for CMI against +25.2% for MTUM). This link changes with the market regime, having swung between 0.29 and 0.80 on a rolling one-year basis.
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.
CMI vs MTUM: side by side
| CMI (Cummins) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +45.1% | +25.2% |
| 5-year return | +169.6% | +76.1% |
| Volatility (ann.) | 25.9% | 20.6% |
| Beta vs S&P 500 | 1.05 | 1.25 |
| Max drawdown (3Y) | -30.5% | -21.0% |
| Market cap | $79.0B | – |
| P/E (trailing) | 29.6 | – |
| Dividend yield | 1.38% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Industrials | 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 | CMI | MTUM |
|---|---|---|
| 2022 | +14.1% | -18.3% |
| 2023 | +1.7% | +9.1% |
| 2024 | +48.9% | +32.9% |
| 2025 | +49.4% | +22.1% |
| 2026 | +13.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.71% of MTUM is CMI itself, so the fund partly moves with the stock by construction.
Are CMI and MTUM good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CMI and MTUM?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.58 over the last year and 0.59 over 5 years.
Is MTUM a good diversifier for CMI?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmi-vs-mtum.json
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Related comparisons
Hubs: CMI correlations · MTUM correlations
