GEV vs MTUM: Correlation
GE Vernova (GEV) and iShares MSCI USA Momentum Factor ETF (MTUM) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEV and MTUM?
On 3 years of weekly data the GEV/MTUM correlation comes out at 0.53, moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.53). The 5-year figure is n/a, and annualized covariance runs at 523.6 %².
Within GEV's tracked universe of 33 assets, MTUM comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GEV ahead by 28.4 points (+53.6% versus +25.2%). On a rolling one-year basis the correlation drifted between 0.33 and 0.72, a moderate band. One caveat on sizing: GEV is 2.2 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.
GEV vs MTUM: side by side
| GEV (GE Vernova) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +53.6% | +25.2% |
| 5-year return | n/a | +76.1% |
| Volatility (ann.) | 45.8% | 20.6% |
| Beta vs S&P 500 | 1.42 | 1.25 |
| Max drawdown (3Y) | -38.3% | -21.0% |
| Market cap | $254.0B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.18% | 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 | GEV | MTUM |
|---|---|---|
| 2022 | – | -18.3% |
| 2023 | – | +9.1% |
| 2024 | – | +32.9% |
| 2025 | +99.0% | +22.1% |
| 2026 | +46.2% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.91% of MTUM is GEV itself, so the fund partly moves with the stock by construction.
Are GEV and MTUM good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GEV and MTUM?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.39 over the last year and n/a over 5 years.
Is MTUM a good diversifier for GEV?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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/gev-vs-mtum.json
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Related comparisons
Hubs: GEV correlations · MTUM correlations
