CVLT vs MTUM: Correlation
Measured on weekly returns over the past three years, Commvault Systems, Inc. (CVLT) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLT and MTUM?
Across a 3-year window, the weekly returns of CVLT and MTUM correlate at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 444.7 %².
Within CVLT's tracked universe of 10 assets, MTUM comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTUM ahead by 49.0 points (-23.8% versus +25.2%). Risk is not evenly split, since CVLT carries 2.2 times the volatility of the other side.
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.
CVLT vs MTUM: side by side
| CVLT (Commvault Systems, Inc.) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | -23.8% | +25.2% |
| 5-year return | +73.1% | +76.1% |
| Volatility (ann.) | 44.6% | 20.6% |
| Beta vs S&P 500 | 1.29 | 1.25 |
| Max drawdown (3Y) | -61.5% | -21.0% |
| Market cap | $5.8B | – |
| P/E (trailing) | 86.1 | – |
| 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 | CVLT | MTUM |
|---|---|---|
| 2022 | -8.8% | -18.3% |
| 2023 | +27.1% | +9.1% |
| 2024 | +89.0% | +32.9% |
| 2025 | -16.9% | +22.1% |
| 2026 | +12.0% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLT and MTUM good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVLT and MTUM?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.41 over the last year and 0.45 over 5 years.
Is MTUM a good diversifier for CVLT?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CVLT correlations · MTUM correlations
