EFA vs MTUM: Correlation & Overlap
iShares MSCI EAFE ETF (EFA) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.63. The two funds also share 0.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and MTUM?
On 3 years of weekly data the EFA/MTUM correlation comes out at 0.63, strong. Little has changed lately, as the 1-year reading of 0.61 lands near the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 194.4 %².
Among the 109 assets we track against EFA, MTUM ranks #54 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.9% for EFA and +25.2% for MTUM. The rolling one-year correlation stayed in a tight band between 0.52 and 0.76 over the past three years, which points to a structural rather than episodic relationship.
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.
EFA vs MTUM: side by side
| EFA (iShares MSCI EAFE ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +21.9% | +25.2% |
| 5-year return | +56.7% | +76.1% |
| Volatility (ann.) | 14.9% | 20.6% |
| Beta vs S&P 500 | 0.77 | 1.25 |
| Max drawdown (3Y) | -14.1% | -21.0% |
| Dividend yield | 3.19% | 0.62% |
| Expense ratio | 0.32% | 0.15% |
| Assets under management | $78.0B | $25.3B |
| Sector / category | ETF · International | ETF · US Style |
EFA is a Foreign Large Blend fund from iShares: $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% 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 EFA and MTUM
The two portfolios are largely distinct, with 4 holdings in common adding up to 0.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by EFA: ASML (2.99%), HSBA (1.57%), ROP (1.42%), SAN (1.38%), NOVN (1.28%). 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 4 common positions shown.
Year-by-year returns
| Year | EFA | MTUM |
|---|---|---|
| 2022 | -14.4% | -18.3% |
| 2023 | +18.4% | +9.1% |
| 2024 | +3.5% | +32.9% |
| 2025 | +31.5% | +22.1% |
| 2026 | +14.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and MTUM good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EFA and MTUM?
The EFA/MTUM correlation stands at 0.63 on a 3-year window (1 year: 0.61, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for EFA?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EFA and MTUM overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.2% by weight over 4 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efa-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · MTUM correlations
