MTUM vs PWR: Correlation
iShares MSCI USA Momentum Factor ETF (MTUM) and Quanta Services (PWR) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and PWR?
Over the past 3 years, MTUM and PWR moved with a correlation of 0.58, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.58 over 3 years. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 405.9 %².
By 3-year correlation, PWR places #69 of the 109 assets tracked against MTUM. Their recent paths diverged sharply: over the last 12 months PWR outperformed by 37.9 percentage points (+25.2% for MTUM against +63.1% for PWR). This link changes with the market regime, having swung between 0.28 and 0.79 on a rolling one-year basis. Risk is not evenly split, since PWR carries 1.6 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 PWR: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | PWR (Quanta Services) | |
|---|---|---|
| 1-year return | +25.2% | +63.1% |
| 5-year return | +76.1% | +506.1% |
| Volatility (ann.) | 20.6% | 33.9% |
| Beta vs S&P 500 | 1.25 | 1.29 |
| Max drawdown (3Y) | -21.0% | -33.9% |
| Market cap | – | $93.5B |
| P/E (trailing) | – | 70.4 |
| Dividend yield | 0.62% | 0.07% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | Industrials |
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 | PWR |
|---|---|---|
| 2022 | -18.3% | +24.6% |
| 2023 | +9.1% | +51.7% |
| 2024 | +32.9% | +46.6% |
| 2025 | +22.1% | +33.7% |
| 2026 | +21.8% | +47.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.79% of MTUM is PWR itself, so the fund partly moves with the stock by construction.
Are MTUM and PWR good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTUM and PWR?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.32 over the last year and 0.58 over 5 years.
Is PWR a good diversifier for MTUM?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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-pwr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtum-vs-pwr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTUM correlations · PWR correlations
