ED vs MTUM: Correlation
How closely do Consolidated Edison (ED) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and MTUM?
On 3 years of weekly data the ED/MTUM correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.21 over 3. The 5-year figure is 0.06, and annualized covariance runs at -69.8 %².
Within ED's tracked universe of 105 assets, MTUM comes in at #57 by 3-year correlation. The last year tells two different stories: MTUM led by 15.0 percentage points, +10.2% for ED against +25.2% for MTUM. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.36 to 0.26.
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.
ED vs MTUM: side by side
| ED (Consolidated Edison) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +10.2% | +25.2% |
| 5-year return | +67.5% | +76.1% |
| Volatility (ann.) | 16.5% | 20.6% |
| Beta vs S&P 500 | -0.21 | 1.25 |
| Max drawdown (3Y) | -17.4% | -21.0% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Utilities | 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 | ED | MTUM |
|---|---|---|
| 2022 | +15.7% | -18.3% |
| 2023 | -1.1% | +9.1% |
| 2024 | +1.5% | +32.9% |
| 2025 | +15.1% | +22.1% |
| 2026 | +10.1% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and MTUM good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and MTUM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.27 over the last year and 0.06 over 5 years.
Is MTUM a good diversifier for ED?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/ed-vs-mtum.json
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Related comparisons
Hubs: ED correlations · MTUM correlations
