EEM vs MTUM: Correlation & Overlap
iShares MSCI Emerging Markets ETF (EEM) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.68. The two funds also share 0.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and MTUM?
Over the past 3 years, EEM and MTUM moved with a correlation of 0.68, which is strong. The past 12 months show a tighter link (0.81) than the 3-year average (0.68). Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 253.1 %².
By 3-year correlation, MTUM places #24 of the 67 assets tracked against EEM. The trailing year gives EEM the advantage: +38.1% versus +25.2%, a 12.9-point spread. The rolling one-year correlation moved between 0.41 and 0.83 over the past three years, a moderate range.
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.
EEM vs MTUM: side by side
| EEM (iShares MSCI Emerging Markets ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +38.1% | +25.2% |
| 5-year return | +47.1% | +76.1% |
| Volatility (ann.) | 18.0% | 20.6% |
| Beta vs S&P 500 | 0.85 | 1.25 |
| Max drawdown (3Y) | -17.3% | -21.0% |
| Dividend yield | 1.73% | 0.62% |
| Expense ratio | 0.72% | 0.15% |
| Assets under management | $29.2B | $25.3B |
| Sector / category | ETF · International | ETF · US Style |
EEM, iShares's Diversified Emerging Mkts fund, carries $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield. 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.
Portfolio overlap between EEM and MTUM
The two portfolios are largely distinct. Weighing the shared positions, 0.1% of the two funds is identical, spread across 1 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in EEM | Weight in MTUM |
|---|---|---|
| HAL | 0.07% | 0.19% |
Largest positions held only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%). Only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 1 common positions shown.
Year-by-year returns
| Year | EEM | MTUM |
|---|---|---|
| 2022 | -20.6% | -18.3% |
| 2023 | +8.9% | +9.1% |
| 2024 | +6.5% | +32.9% |
| 2025 | +34.0% | +22.1% |
| 2026 | +24.2% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and MTUM good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EEM and MTUM?
As of 2026-08-27, the correlation of weekly returns between EEM and MTUM is 0.68 over 3 years, 0.81 over 1 year and 0.62 over 5 years.
Is MTUM a good diversifier for EEM?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do EEM and MTUM overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 1 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eem-vs-mtum/)
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Related comparisons
Hubs: EEM correlations · MTUM correlations
