MACI vs MTUM: Correlation
How closely do Melar Acquisition Corp. I - Class A (MACI) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MACI and MTUM?
Across a 3-year window, the weekly returns of MACI and MTUM correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.21). Stretching to 5 years gives n/a, with an annualized covariance of -9.7 %².
By 3-year correlation, MTUM places #45 of the 71 assets tracked against MACI. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 20.8 percentage points (+4.4% for MACI against +25.2% for MTUM). Risk is not evenly split, since MTUM carries 9.8 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.
MACI vs MTUM: side by side
| MACI (Melar Acquisition Corp. I - Class A) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +4.4% | +25.2% |
| 5-year return | n/a | +76.1% |
| Volatility (ann.) | 2.1% | 20.6% |
| Beta vs S&P 500 | -0.03 | 1.25 |
| Max drawdown (3Y) | -2.0% | -21.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | 60.9 | – |
| Dividend yield | 0.00% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | 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 | MACI | MTUM |
|---|---|---|
| 2022 | – | -18.3% |
| 2023 | – | +9.1% |
| 2024 | – | +32.9% |
| 2025 | +5.7% | +22.1% |
| 2026 | +3.1% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MACI and MTUM good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MACI and MTUM?
The MACI/MTUM correlation stands at -0.21 on a 3-year window (1 year: -0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for MACI?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MACI correlations · MTUM correlations
