IVV vs MTUM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core S&P 500 ETF (IVV) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.87, a very strong link. Looking through to holdings, 27.8% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and MTUM?
Across a 3-year window, the weekly returns of IVV and MTUM correlate at 0.87, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.75 versus 0.87 over 3 years. Stretching to 5 years gives 0.86, with an annualized covariance of 261.0 %².
By 3-year correlation, MTUM places #23 of the 122 assets tracked against IVV. Their 12-month results are close: +20.7% for IVV against +25.2% for MTUM. The rolling one-year correlation stayed in a tight band between 0.74 and 0.95 over the past three years, which points to a structural rather than episodic relationship.
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.
IVV vs MTUM: side by side
| IVV (iShares Core S&P 500 ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +20.7% | +25.2% |
| 5-year return | +83.0% | +76.1% |
| Volatility (ann.) | 14.5% | 20.6% |
| Beta vs S&P 500 | 1.00 | 1.25 |
| Max drawdown (3Y) | -18.8% | -21.0% |
| Dividend yield | 1.09% | 0.62% |
| Expense ratio | 0.03% | 0.15% |
| Assets under management | $869.2B | $25.3B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
On the fund side, IVV sits in the Large Blend category at iShares, with $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% 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 IVV and MTUM
The two portfolios partially overlap. Weighing the shared positions, 27.8% of the two funds is identical, spread across 110 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in IVV | Weight in MTUM |
|---|---|---|
| AVGO | 2.54% | 4.25% |
| GOOGL | 3.03% | 2.44% |
| GOOG | 2.42% | 1.89% |
| MU | 1.60% | 6.60% |
| AMD | 1.18% | 5.09% |
| XOM | 0.99% | 3.78% |
| JNJ | 0.98% | 3.67% |
| WMT | 0.69% | 2.44% |
| CSCO | 0.67% | 2.43% |
| INTC | 0.66% | 3.91% |
| LRCX | 0.59% | 3.26% |
| AMAT | 0.58% | 2.89% |
| CVX | 0.57% | 1.75% |
| CAT | 0.57% | 3.63% |
| GS | 0.46% | 1.38% |
Largest positions held only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), META (1.91%). Only by MTUM: BE (0.69%), RVMD (0.30%), FTI (0.28%), ALAB (0.20%), RKLB (0.17%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | IVV | MTUM |
|---|---|---|
| 2022 | -18.2% | -18.3% |
| 2023 | +26.3% | +9.1% |
| 2024 | +24.9% | +32.9% |
| 2025 | +17.8% | +22.1% |
| 2026 | +13.7% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and MTUM good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between IVV and MTUM?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.75 over the last year and 0.86 over 5 years.
Is MTUM a good diversifier for IVV?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
How much do IVV and MTUM overlap?
27.8% by weight, across 110 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ivv-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ivv-vs-mtum/)
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Related comparisons
Hubs: IVV correlations · MTUM correlations
