MTUM vs TT: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and Trane Technologies (TT) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and TT?
Across a 3-year window, the weekly returns of MTUM and TT correlate at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.62 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 352.8 %².
Among the 109 assets we track against MTUM, TT ranks #60 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTUM ahead by 17.4 points (+25.2% versus +7.8%). The rolling one-year correlation moved between 0.29 and 0.78 over the past three years, a moderate range.
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 TT: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | TT (Trane Technologies) | |
|---|---|---|
| 1-year return | +25.2% | +7.8% |
| 5-year return | +76.1% | +141.4% |
| Volatility (ann.) | 20.6% | 27.8% |
| Beta vs S&P 500 | 1.25 | 1.19 |
| Max drawdown (3Y) | -21.0% | -24.4% |
| Market cap | – | $100.0B |
| P/E (trailing) | – | 33.8 |
| Dividend yield | 0.62% | 0.86% |
| 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 | TT |
|---|---|---|
| 2022 | -18.3% | -15.3% |
| 2023 | +9.1% | +47.4% |
| 2024 | +32.9% | +53.0% |
| 2025 | +22.1% | +6.1% |
| 2026 | +21.8% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and TT good diversifiers for each other?
Only partially. A correlation of 0.62 means MTUM and TT 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 TT?
As of 2026-08-27, the correlation of weekly returns between MTUM and TT is 0.62 over 3 years, 0.39 over 1 year and 0.60 over 5 years.
Is TT a good diversifier for MTUM?
Only partially. A correlation of 0.62 means MTUM and TT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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-tt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtum-vs-tt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTUM correlations · TT correlations
