COHR vs MTUM: Correlation
Coherent Corp. (COHR) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and MTUM?
On 3 years of weekly data the COHR/MTUM correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.42) than the 3-year average (0.64). The 5-year figure is 0.56, and annualized covariance runs at 860.1 %².
MTUM is one of the assets that tracks COHR most closely: it ranks #3 out of the 41 assets we track against COHR. Correlation aside, the last 12 months split them widely, with COHR ahead by 200.4 points (+225.6% versus +25.2%). This link changes with the market regime, having swung between 0.34 and 0.85 on a rolling one-year basis. Note the risk asymmetry: COHR runs 3.2 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.
COHR vs MTUM: side by side
| COHR (Coherent Corp.) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +225.6% | +25.2% |
| 5-year return | +368.6% | +76.1% |
| Volatility (ann.) | 65.0% | 20.6% |
| Beta vs S&P 500 | 2.76 | 1.25 |
| Max drawdown (3Y) | -54.8% | -21.0% |
| Market cap | $57.8B | – |
| P/E (trailing) | 71.4 | – |
| 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 | COHR | MTUM |
|---|---|---|
| 2022 | -48.6% | -18.3% |
| 2023 | +24.0% | +9.1% |
| 2024 | +117.6% | +32.9% |
| 2025 | +94.8% | +22.1% |
| 2026 | +60.0% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.53% of MTUM is COHR itself, so the fund partly moves with the stock by construction.
Are COHR and MTUM good diversifiers for each other?
Only partially. A correlation of 0.64 means COHR 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 COHR and MTUM?
As of 2026-08-27, the correlation of weekly returns between COHR and MTUM is 0.64 over 3 years, 0.42 over 1 year and 0.56 over 5 years.
Is MTUM a good diversifier for COHR?
Only partially. A correlation of 0.64 means COHR 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 0.64 mean?
On the −1 to +1 scale, 0.64 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
$ curl https://www.pairbook.io/api/v1/pairs/cohr-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cohr-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COHR correlations · MTUM correlations
