FLEX vs MTUM: Correlation
How closely do Flex Ltd. (FLEX) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and MTUM?
Across a 3-year window, the weekly returns of FLEX and MTUM correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 632.1 %².
By 3-year correlation, MTUM places #6 of the 45 assets tracked against FLEX. Correlation aside, the last 12 months split them widely, with FLEX ahead by 89.4 points (+114.6% versus +25.2%). This link changes with the market regime, having swung between 0.17 and 0.83 on a rolling one-year basis. One caveat on sizing: FLEX is 2.5 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.
FLEX vs MTUM: side by side
| FLEX (Flex Ltd.) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +114.6% | +25.2% |
| 5-year return | +716.5% | +76.1% |
| Volatility (ann.) | 50.9% | 20.6% |
| Beta vs S&P 500 | 1.70 | 1.25 |
| Max drawdown (3Y) | -40.0% | -21.0% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | Information Technology | 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 | FLEX | MTUM |
|---|---|---|
| 2022 | +17.1% | -18.3% |
| 2023 | +41.9% | +9.1% |
| 2024 | +67.2% | +32.9% |
| 2025 | +57.4% | +22.1% |
| 2026 | +90.8% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FLEX represents 0.28% of MTUM's portfolio, so part of any move in MTUM is FLEX itself, and the correlation between them is partly mechanical.
Are FLEX and MTUM good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FLEX and MTUM?
The FLEX/MTUM correlation stands at 0.60 on a 3-year window (1 year: 0.56, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for FLEX?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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/flex-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flex-vs-mtum/)
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Related comparisons
Hubs: FLEX correlations · MTUM correlations
