MTUM vs NRG: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and NRG Energy (NRG) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and NRG?
Over the past 3 years, MTUM and NRG moved with a correlation of 0.52, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.52 over 3 years. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 479.3 %².
Among the 109 assets we track against MTUM, NRG ranks #78 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 47.0 percentage points (+25.2% for MTUM against -21.8% for NRG). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.20 to 0.76. Risk is not evenly split, since NRG carries 2.2 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.
MTUM vs NRG: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | NRG (NRG Energy) | |
|---|---|---|
| 1-year return | +25.2% | -21.8% |
| 5-year return | +76.1% | +191.5% |
| Volatility (ann.) | 20.6% | 44.4% |
| Beta vs S&P 500 | 1.25 | 1.30 |
| Max drawdown (3Y) | -21.0% | -38.9% |
| Market cap | – | $24.1B |
| P/E (trailing) | – | 30.2 |
| Dividend yield | 0.62% | 1.61% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | Utilities |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | MTUM | NRG |
|---|---|---|
| 2022 | -18.3% | -23.5% |
| 2023 | +9.1% | +69.4% |
| 2024 | +32.9% | +78.6% |
| 2025 | +22.1% | +78.9% |
| 2026 | +21.8% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and NRG good diversifiers for each other?
To a limited degree. At 0.52 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 MTUM and NRG?
The MTUM/NRG correlation stands at 0.52 on a 3-year window (1 year: 0.31, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is NRG a good diversifier for MTUM?
To a limited degree. At 0.52 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 0.52 mean?
On the −1 to +1 scale, 0.52 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-nrg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtum-vs-nrg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTUM correlations · NRG correlations
