MTUM vs MU: Correlation
iShares MSCI USA Momentum Factor ETF (MTUM) and Micron Technology (MU) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and MU?
On 3 years of weekly data the MTUM/MU correlation comes out at 0.67, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.67 over 3. The 5-year figure is 0.60, and annualized covariance runs at 878.4 %².
Within MTUM's tracked universe of 109 assets, MU comes in at #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MU outperformed by 670.5 percentage points (+25.2% for MTUM against +695.7% for MU). This link changes with the market regime, having swung between 0.16 and 0.77 on a rolling one-year basis. One caveat on sizing: MU is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MTUM vs MU: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | MU (Micron Technology) | |
|---|---|---|
| 1-year return | +25.2% | +695.7% |
| 5-year return | +76.1% | +1211.2% |
| Volatility (ann.) | 20.6% | 63.3% |
| Beta vs S&P 500 | 1.25 | 2.47 |
| Max drawdown (3Y) | -21.0% | -57.6% |
| Market cap | – | – |
| P/E (trailing) | – | 21.2 |
| Dividend yield | 0.62% | 0.06% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | Information Technology |
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 | MTUM | MU |
|---|---|---|
| 2022 | -18.3% | -45.9% |
| 2023 | +9.1% | +71.9% |
| 2024 | +32.9% | -1.0% |
| 2025 | +22.1% | +240.2% |
| 2026 | +21.8% | +227.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MU represents 6.6% of MTUM's portfolio, so part of any move in MTUM is MU itself, and the correlation between them is partly mechanical.
Are MTUM and MU good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTUM and MU?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.75 over the last year and 0.60 over 5 years.
Is MU a good diversifier for MTUM?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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/mtum-vs-mu.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtum-vs-mu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTUM correlations · MU correlations
