HWM vs MTUM: Correlation
How closely do Howmet Aerospace (HWM) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and MTUM?
Over the past 3 years, HWM and MTUM moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 386.6 %².
Within HWM's tracked universe of 35 assets, MTUM comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 27.5 percentage points (+52.7% for HWM against +25.2% for MTUM). The relationship is regime-dependent: the rolling one-year correlation swung between 0.23 and 0.85 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: HWM runs 1.6 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.
HWM vs MTUM: side by side
| HWM (Howmet Aerospace) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +52.7% | +25.2% |
| 5-year return | +754.4% | +76.1% |
| Volatility (ann.) | 32.1% | 20.6% |
| Beta vs S&P 500 | 1.24 | 1.25 |
| Max drawdown (3Y) | -19.4% | -21.0% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| 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 | HWM | MTUM |
|---|---|---|
| 2022 | +24.2% | -18.3% |
| 2023 | +37.8% | +9.1% |
| 2024 | +102.7% | +32.9% |
| 2025 | +88.0% | +22.1% |
| 2026 | +30.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HWM represents 0.48% of MTUM's portfolio, so part of any move in MTUM is HWM itself, and the correlation between them is partly mechanical.
Are HWM and MTUM good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HWM and MTUM?
As of 2026-08-27, the correlation of weekly returns between HWM and MTUM is 0.59 over 3 years, 0.50 over 1 year and 0.59 over 5 years.
Is MTUM a good diversifier for HWM?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hwm-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hwm-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HWM correlations · MTUM correlations
