MTUM vs SPY: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.88, a very strong link. By holdings, the two funds overlap 27.8% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and SPY?
Across a 3-year window, the weekly returns of MTUM and SPY correlate at 0.88, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.76 versus 0.88 over 3 years. Stretching to 5 years gives 0.86, with an annualized covariance of 260.2 %².
Within MTUM's tracked universe of 109 assets, SPY comes in at #6 by 3-year correlation. Neither side won the trailing year by much: +25.2% against +20.6%. The rolling one-year correlation stayed in a tight band between 0.74 and 0.95 over the past three years, which points to a structural rather than episodic relationship.
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 SPY: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.2% | +20.6% |
| 5-year return | +76.1% | +82.4% |
| Volatility (ann.) | 20.6% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -21.0% | -18.8% |
| Dividend yield | 0.62% | 1.01% |
| Expense ratio | 0.15% | 0.09% |
| Assets under management | $25.3B | $795.3B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
On the fund side, MTUM sits in the Large Blend category at iShares, with $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between MTUM and SPY
The two portfolios partially overlap. Weighing the shared positions, 27.8% of the two funds is identical, spread across 110 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in MTUM | Weight in SPY |
|---|---|---|
| AVGO | 4.25% | 2.55% |
| GOOGL | 2.44% | 3.03% |
| GOOG | 1.89% | 2.42% |
| MU | 6.60% | 1.60% |
| AMD | 5.09% | 1.19% |
| XOM | 3.78% | 0.99% |
| JNJ | 3.67% | 0.98% |
| WMT | 2.44% | 0.69% |
| CSCO | 2.43% | 0.67% |
| INTC | 3.91% | 0.66% |
| LRCX | 3.26% | 0.59% |
| AMAT | 2.89% | 0.58% |
| CAT | 3.63% | 0.57% |
| CVX | 1.75% | 0.57% |
| GS | 1.38% | 0.46% |
Largest positions held only by MTUM: BE (0.69%), RVMD (0.30%), FTI (0.28%), ALAB (0.20%), RKLB (0.17%). Only by SPY: NVDA (7.68%), AAPL (6.96%), MSFT (5.58%), AMZN (3.85%), META (1.91%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | MTUM | SPY |
|---|---|---|
| 2022 | -18.3% | -18.2% |
| 2023 | +9.1% | +26.2% |
| 2024 | +32.9% | +24.9% |
| 2025 | +22.1% | +17.7% |
| 2026 | +21.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and SPY good diversifiers for each other?
No: a correlation of 0.88 means MTUM and SPY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTUM and SPY?
The MTUM/SPY correlation stands at 0.88 on a 3-year window (1 year: 0.76, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MTUM?
No: a correlation of 0.88 means MTUM and SPY tend to fall together, which is precisely when diversification is supposed to help.
How much do MTUM and SPY overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 27.8% by weight over 110 common positions.
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