ETN vs MTUM: Correlation
Measured on weekly returns over the past three years, Eaton Corporation (ETN) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and MTUM?
Across a 3-year window, the weekly returns of ETN and MTUM correlate at 0.68, strong. The link has loosened recently: the 1-year correlation (0.50) runs below the 3-year figure (0.68). Stretching to 5 years gives 0.65, with an annualized covariance of 422.4 %².
By 3-year correlation, MTUM places #10 of the 44 assets tracked against ETN. The trailing year gives MTUM the advantage: +19.7% versus +25.2%, a 5.5-point spread. Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.81.
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.
ETN vs MTUM: side by side
| ETN (Eaton Corporation) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +19.7% | +25.2% |
| 5-year return | +164.1% | +76.1% |
| Volatility (ann.) | 30.2% | 20.6% |
| Beta vs S&P 500 | 1.33 | 1.25 |
| Max drawdown (3Y) | -34.5% | -21.0% |
| Market cap | $161.6B | – |
| P/E (trailing) | 42.4 | – |
| Dividend yield | 1.02% | 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 | ETN | MTUM |
|---|---|---|
| 2022 | -7.2% | -18.3% |
| 2023 | +56.2% | +9.1% |
| 2024 | +39.5% | +32.9% |
| 2025 | -2.8% | +22.1% |
| 2026 | +31.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and MTUM good diversifiers for each other?
To a limited degree. At 0.68 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 ETN and MTUM?
As of 2026-08-27, the correlation of weekly returns between ETN and MTUM is 0.68 over 3 years, 0.50 over 1 year and 0.65 over 5 years.
Is MTUM a good diversifier for ETN?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etn-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etn-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ETN correlations · MTUM correlations
