FIX vs MTUM: Correlation
How closely do Comfort Systems USA (FIX) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIX and MTUM?
On 3 years of weekly data the FIX/MTUM correlation comes out at 0.62, strong. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 604.5 %².
By 3-year correlation, MTUM places #13 of the 37 assets tracked against FIX. The last year tells two different stories: FIX led by 102.8 percentage points, +128.0% for FIX against +25.2% for MTUM. The relationship is regime-dependent: the rolling one-year correlation swung between 0.21 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: FIX is 2.3 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.
FIX vs MTUM: side by side
| FIX (Comfort Systems USA) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +128.0% | +25.2% |
| 5-year return | +2077.9% | +76.1% |
| Volatility (ann.) | 47.4% | 20.6% |
| Beta vs S&P 500 | 1.74 | 1.25 |
| Max drawdown (3Y) | -46.0% | -21.0% |
| Market cap | $56.8B | – |
| P/E (trailing) | 39.8 | – |
| Dividend yield | 0.16% | 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 | FIX | MTUM |
|---|---|---|
| 2022 | +17.0% | -18.3% |
| 2023 | +79.6% | +9.1% |
| 2024 | +106.9% | +32.9% |
| 2025 | +120.9% | +22.1% |
| 2026 | +73.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MTUM holds FIX at a 0.61% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FIX and MTUM good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FIX and MTUM?
As of 2026-08-27, the correlation of weekly returns between FIX and MTUM is 0.62 over 3 years, 0.54 over 1 year and 0.59 over 5 years.
Is MTUM a good diversifier for FIX?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 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/fix-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fix-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FIX correlations · MTUM correlations
