EME vs MTUM: Correlation
Emcor (EME) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and MTUM?
On 3 years of weekly data the EME/MTUM correlation comes out at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.61 over 3 years. The 5-year figure is 0.59, and annualized covariance runs at 436.7 %².
Among the 34 assets we track against EME, MTUM ranks #11 by 3-year correlation. Neither side won the trailing year by much: +24.5% against +25.2%. This link changes with the market regime, having swung between 0.18 and 0.78 on a rolling one-year basis. One caveat on sizing: EME is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EME vs MTUM: side by side
| EME (Emcor) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +24.5% | +25.2% |
| 5-year return | +540.3% | +76.1% |
| Volatility (ann.) | 34.9% | 20.6% |
| Beta vs S&P 500 | 1.31 | 1.25 |
| Max drawdown (3Y) | -36.2% | -21.0% |
| Market cap | $34.2B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.09% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Industrials | 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 | EME | MTUM |
|---|---|---|
| 2022 | +16.8% | -18.3% |
| 2023 | +46.0% | +9.1% |
| 2024 | +111.3% | +32.9% |
| 2025 | +35.1% | +22.1% |
| 2026 | +26.9% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of MTUM is EME itself, so the fund partly moves with the stock by construction.
Are EME and MTUM good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EME and MTUM?
As of 2026-08-27, the correlation of weekly returns between EME and MTUM is 0.61 over 3 years, 0.41 over 1 year and 0.59 over 5 years.
Is MTUM a good diversifier for EME?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 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.
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Related comparisons
Hubs: EME correlations · MTUM correlations
