JBL vs MTUM: Correlation
Measured on weekly returns over the past three years, Jabil (JBL) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBL and MTUM?
Across a 3-year window, the weekly returns of JBL and MTUM correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 529.5 %².
In JBL's tracked universe of 34 assets, MTUM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with JBL ahead by 25.2 points (+50.4% versus +25.2%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.30 and 0.81 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since JBL carries 2.0 times the volatility of the other side.
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.
JBL vs MTUM: side by side
| JBL (Jabil) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +50.4% | +25.2% |
| 5-year return | +405.5% | +76.1% |
| Volatility (ann.) | 40.6% | 20.6% |
| Beta vs S&P 500 | 1.47 | 1.25 |
| Max drawdown (3Y) | -36.8% | -21.0% |
| Market cap | $32.7B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.10% | 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 | JBL | MTUM |
|---|---|---|
| 2022 | -2.5% | -18.3% |
| 2023 | +87.4% | +9.1% |
| 2024 | +13.3% | +32.9% |
| 2025 | +58.7% | +22.1% |
| 2026 | +37.0% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
JBL represents 0.21% of MTUM's portfolio, so part of any move in MTUM is JBL itself, and the correlation between them is partly mechanical.
Are JBL and MTUM good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JBL and MTUM?
As of 2026-08-27, the correlation of weekly returns between JBL and MTUM is 0.63 over 3 years, 0.65 over 1 year and 0.61 over 5 years.
Is MTUM a good diversifier for JBL?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 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
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Related comparisons
Hubs: JBL correlations · MTUM correlations
