HPE vs MTUM: Correlation
How closely do Hewlett Packard Enterprise (HPE) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPE and MTUM?
Across a 3-year window, the weekly returns of HPE and MTUM correlate at 0.51, moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.51). Stretching to 5 years gives 0.50, with an annualized covariance of 457.3 %².
Within HPE's tracked universe of 28 assets, MTUM comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HPE ahead by 119.2 points (+144.4% versus +25.2%). This link changes with the market regime, having swung between 0.23 and 0.73 on a rolling one-year basis. Note the risk asymmetry: HPE runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HPE vs MTUM: side by side
| HPE (Hewlett Packard Enterprise) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +144.4% | +25.2% |
| 5-year return | +309.3% | +76.1% |
| Volatility (ann.) | 43.8% | 20.6% |
| Beta vs S&P 500 | 1.47 | 1.25 |
| Max drawdown (3Y) | -48.4% | -21.0% |
| Market cap | $72.0B | – |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.99% | 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 | HPE | MTUM |
|---|---|---|
| 2022 | +4.5% | -18.3% |
| 2023 | +9.7% | +9.1% |
| 2024 | +29.1% | +32.9% |
| 2025 | +15.5% | +22.1% |
| 2026 | +128.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPE and MTUM good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HPE and MTUM?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.39 over the last year and 0.50 over 5 years.
Is MTUM a good diversifier for HPE?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HPE correlations · MTUM correlations
