IEMG vs MTUM: Correlation & Overlap
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong. The two funds also share 0.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and MTUM?
Across a 3-year window, the weekly returns of IEMG and MTUM correlate at 0.69, strong. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.69). Stretching to 5 years gives 0.63, with an annualized covariance of 247.3 %².
Within IEMG's tracked universe of 68 assets, MTUM comes in at #24 by 3-year correlation. The trailing year gives IEMG the advantage: +36.0% versus +25.2%, a 10.8-point spread. Across three years, the rolling one-year figure varied moderately, from 0.43 to 0.83.
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.
IEMG vs MTUM: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +36.0% | +25.2% |
| 5-year return | +50.7% | +76.1% |
| Volatility (ann.) | 17.4% | 20.6% |
| Beta vs S&P 500 | 0.84 | 1.25 |
| Max drawdown (3Y) | -17.2% | -21.0% |
| Dividend yield | 2.31% | 0.62% |
| Expense ratio | 0.09% | 0.15% |
| Assets under management | $152.2B | $25.3B |
| Sector / category | ETF · International | ETF · US Style |
On the fund side, IEMG sits in the Diversified Emerging Mkts category at iShares, with $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% 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 IEMG and MTUM
The two portfolios are largely distinct, with 1 holdings in common adding up to 0.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in IEMG | Weight in MTUM |
|---|---|---|
| HAL | 0.06% | 0.19% |
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). 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. Top 1 common positions shown.
Year-by-year returns
| Year | IEMG | MTUM |
|---|---|---|
| 2022 | -20.0% | -18.3% |
| 2023 | +11.5% | +9.1% |
| 2024 | +6.5% | +32.9% |
| 2025 | +32.6% | +22.1% |
| 2026 | +23.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and MTUM good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IEMG and MTUM?
The IEMG/MTUM correlation stands at 0.69 on a 3-year window (1 year: 0.82, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for IEMG?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do IEMG and MTUM overlap?
0.1% by weight, across 1 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iemg-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iemg-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEMG correlations · MTUM correlations
