KEYS vs MTUM: Correlation
Measured on weekly returns over the past three years, Keysight Technologies (KEYS) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEYS and MTUM?
Over the past 3 years, KEYS and MTUM moved with a correlation of 0.62, which is strong. Recent behaviour matches the longer record: 0.53 over 1 year against 0.62 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 469.6 %².
By 3-year correlation, MTUM places #11 of the 43 assets tracked against KEYS. Their recent paths diverged sharply: over the last 12 months KEYS outperformed by 72.2 percentage points (+97.4% for KEYS against +25.2% for MTUM). On a rolling one-year basis the correlation drifted between 0.38 and 0.76, a moderate band. Note the risk asymmetry: KEYS runs 1.8 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.
KEYS vs MTUM: side by side
| KEYS (Keysight Technologies) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +97.4% | +25.2% |
| 5-year return | +81.9% | +76.1% |
| Volatility (ann.) | 36.8% | 20.6% |
| Beta vs S&P 500 | 1.58 | 1.25 |
| Max drawdown (3Y) | -31.4% | -21.0% |
| Market cap | $55.5B | – |
| P/E (trailing) | 43.5 | – |
| Dividend yield | 0.00% | 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 | KEYS | MTUM |
|---|---|---|
| 2022 | -17.2% | -18.3% |
| 2023 | -7.0% | +9.1% |
| 2024 | +1.0% | +32.9% |
| 2025 | +26.5% | +22.1% |
| 2026 | +60.4% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.49% of MTUM is KEYS itself, so the fund partly moves with the stock by construction.
Are KEYS and MTUM good diversifiers for each other?
To a limited degree. At 0.62 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 KEYS and MTUM?
As of 2026-08-27, the correlation of weekly returns between KEYS and MTUM is 0.62 over 3 years, 0.53 over 1 year and 0.61 over 5 years.
Is MTUM a good diversifier for KEYS?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/keys-vs-mtum.json
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Related comparisons
Hubs: KEYS correlations · MTUM correlations
