FXI vs MTUM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.26, a weak link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and MTUM?
Across a 3-year window, the weekly returns of FXI and MTUM correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 137.2 %².
Among the 74 assets we track against FXI, MTUM ranks #57 by 3-year correlation. The last year tells two different stories: MTUM led by 31.3 percentage points, -6.1% for FXI against +25.2% for MTUM. Across three years, the rolling one-year figure varied moderately, from 0.17 to 0.63.
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.
FXI vs MTUM: side by side
| FXI (iShares China Large-Cap ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | -6.1% | +25.2% |
| 5-year return | -1.4% | +76.1% |
| Volatility (ann.) | 25.3% | 20.6% |
| Beta vs S&P 500 | 0.68 | 1.25 |
| Max drawdown (3Y) | -23.2% | -21.0% |
| Dividend yield | 1.87% | 0.62% |
| Expense ratio | 0.73% | 0.15% |
| Assets under management | $4.3B | $25.3B |
| Sector / category | ETF · International | ETF · US Style |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% 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 FXI and MTUM
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). 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.
Year-by-year returns
| Year | FXI | MTUM |
|---|---|---|
| 2022 | -20.7% | -18.3% |
| 2023 | -12.4% | +9.1% |
| 2024 | +29.0% | +32.9% |
| 2025 | +28.9% | +22.1% |
| 2026 | -7.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and MTUM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and MTUM?
As of 2026-08-27, the correlation of weekly returns between FXI and MTUM is 0.26 over 3 years, 0.25 over 1 year and 0.28 over 5 years.
Is MTUM a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
How much do FXI and MTUM overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: FXI correlations · MTUM correlations
