IWM vs MTUM: Correlation & Overlap
iShares Russell 2000 ETF (IWM) and iShares MSCI USA Momentum Factor ETF (MTUM) show a strong relationship: their 3-year correlation of weekly returns is 0.69. Looking through to holdings, 0% 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 IWM and MTUM?
Across a 3-year window, the weekly returns of IWM and MTUM correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 281.8 %².
By 3-year correlation, MTUM places #45 of the 320 assets tracked against IWM. Their 12-month results are close: +28.4% for IWM against +25.2% for MTUM. The rolling one-year correlation moved between 0.49 and 0.87 over the past three years, a moderate range.
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.
IWM vs MTUM: side by side
| IWM (iShares Russell 2000 ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +28.4% | +25.2% |
| 5-year return | +41.5% | +76.1% |
| Volatility (ann.) | 19.8% | 20.6% |
| Beta vs S&P 500 | 1.06 | 1.25 |
| Max drawdown (3Y) | -27.5% | -21.0% |
| Dividend yield | 0.91% | 0.62% |
| Expense ratio | 0.19% | 0.15% |
| Assets under management | $80.1B | $25.3B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Style |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% 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 IWM and MTUM
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by IWM: MOGA (0.35%), UMBF (0.34%), CYTK (0.33%), GKOS (0.33%), EAT (0.33%). 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.
Year-by-year returns
| Year | IWM | MTUM |
|---|---|---|
| 2022 | -20.5% | -18.3% |
| 2023 | +16.8% | +9.1% |
| 2024 | +11.4% | +32.9% |
| 2025 | +12.7% | +22.1% |
| 2026 | +22.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MTUM good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and MTUM?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.68 over the last year and 0.72 over 5 years.
Is MTUM a good diversifier for IWM?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IWM and MTUM overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-mtum/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · MTUM correlations
