MTUM vs SMCI: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and Supermicro (SMCI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and SMCI?
On 3 years of weekly data the MTUM/SMCI correlation comes out at 0.46, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.46 over 3. The 5-year figure is 0.37, and annualized covariance runs at 1011.5 %².
By 3-year correlation, SMCI places #85 of the 109 assets tracked against MTUM. The last year tells two different stories: MTUM led by 39.3 percentage points, +25.2% for MTUM against -14.1% for SMCI. The relationship is regime-dependent: the rolling one-year correlation swung between 0.11 and 0.61 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: SMCI runs 5.2 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.
MTUM vs SMCI: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | SMCI (Supermicro) | |
|---|---|---|
| 1-year return | +25.2% | -14.1% |
| 5-year return | +76.1% | +983.4% |
| Volatility (ann.) | 20.6% | 107.1% |
| Beta vs S&P 500 | 1.25 | 3.08 |
| Max drawdown (3Y) | -21.0% | -84.8% |
| Market cap | – | $24.9B |
| P/E (trailing) | – | 11.5 |
| Dividend yield | 0.62% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | Information Technology |
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 | SMCI |
|---|---|---|
| 2022 | -18.3% | +86.8% |
| 2023 | +9.1% | +246.2% |
| 2024 | +32.9% | +7.2% |
| 2025 | +22.1% | -4.0% |
| 2026 | +21.8% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and SMCI good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTUM and SMCI?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.44 over the last year and 0.37 over 5 years.
Is SMCI a good diversifier for MTUM?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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-smci.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtum-vs-smci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTUM correlations · SMCI correlations
