MTUM vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.64, a strong link. By holdings, the two funds overlap 22.9% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and SPYV?
Across a 3-year window, the weekly returns of MTUM and SPYV correlate at 0.64, strong. Lately the two have drifted apart, with the 1-year correlation at 0.48 versus 0.64 over 3 years. Stretching to 5 years gives 0.71, with an annualized covariance of 158.7 %².
Among the 109 assets we track against MTUM, SPYV ranks #49 by 3-year correlation. Over the last 12 months MTUM came out ahead by 6.7 percentage points (+25.2% against +18.5%). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.85. Note the risk asymmetry: MTUM runs 1.7 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 SPYV: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +25.2% | +18.5% |
| 5-year return | +76.1% | +73.5% |
| Volatility (ann.) | 20.6% | 12.1% |
| Beta vs S&P 500 | 1.25 | 0.70 |
| Max drawdown (3Y) | -21.0% | -17.5% |
| Dividend yield | 0.62% | 1.69% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $25.3B | $36.2B |
| Sector / category | ETF · US Style | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between MTUM and SPYV
The two portfolios partially overlap: 22.9% of the funds' weight sits in the same underlying holdings (80 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in MTUM | Weight in SPYV |
|---|---|---|
| XOM | 3.78% | 2.16% |
| WMT | 2.44% | 1.51% |
| INTC | 3.91% | 1.44% |
| CVX | 1.75% | 1.23% |
| JNJ | 3.67% | 0.88% |
| TXN | 1.75% | 0.78% |
| C | 1.21% | 0.75% |
| CSCO | 2.43% | 0.69% |
| ADI | 1.45% | 0.60% |
| WDC | 1.89% | 0.53% |
| COP | 0.87% | 0.52% |
| DELL | 0.63% | 0.44% |
| MO | 0.59% | 0.38% |
| MRVL | 1.32% | 0.37% |
| FCX | 0.51% | 0.37% |
Largest positions held only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), CAT (3.63%), LRCX (3.26%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), COST (1.40%), BAC (1.34%), MRK (1.25%).
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 | SPYV |
|---|---|---|
| 2022 | -18.3% | -5.3% |
| 2023 | +9.1% | +22.2% |
| 2024 | +32.9% | +12.2% |
| 2025 | +22.1% | +13.2% |
| 2026 | +21.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and SPYV good diversifiers for each other?
Only partially. A correlation of 0.64 means MTUM and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MTUM and SPYV?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.48 over the last year and 0.71 over 5 years.
Is SPYV a good diversifier for MTUM?
Only partially. A correlation of 0.64 means MTUM and SPYV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do MTUM and SPYV overlap?
22.9% by weight, across 80 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: MTUM correlations · SPYV correlations
