MTUM vs USMV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.56, a moderate link. The two funds also share 17.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and USMV?
Over the past 3 years, MTUM and USMV moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.56). Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 114.0 %².
By 3-year correlation, USMV places #70 of the 109 assets tracked against MTUM. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 15.1 percentage points (+25.2% for MTUM against +10.1% for USMV). The relationship is regime-dependent: the rolling one-year correlation swung between 0.14 and 0.83 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since MTUM carries 2.1 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 USMV: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +25.2% | +10.1% |
| 5-year return | +76.1% | +42.3% |
| Volatility (ann.) | 20.6% | 9.9% |
| Beta vs S&P 500 | 1.25 | 0.51 |
| Max drawdown (3Y) | -21.0% | -9.4% |
| Dividend yield | 0.62% | 1.48% |
| Expense ratio | 0.15% | 0.15% |
| Assets under management | $25.3B | $23.6B |
| 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. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between MTUM and USMV
The two portfolios partially overlap: 17.7% of the funds' weight sits in the same underlying holdings (33 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in MTUM | Weight in USMV |
|---|---|---|
| JNJ | 3.67% | 1.58% |
| CSCO | 2.43% | 1.38% |
| XOM | 3.78% | 1.38% |
| AVGO | 4.25% | 0.90% |
| APH | 0.82% | 1.54% |
| WELL | 0.81% | 1.57% |
| NEM | 0.76% | 1.65% |
| MU | 6.60% | 0.71% |
| TXN | 1.75% | 0.68% |
| AMD | 5.09% | 0.67% |
| WMT | 2.44% | 0.65% |
| GLW | 1.37% | 0.59% |
| GEV | 2.91% | 0.59% |
| AMAT | 2.89% | 0.59% |
| ANET | 0.80% | 0.57% |
Largest positions held only by MTUM: INTC (3.91%), CAT (3.63%), LRCX (3.26%), GOOGL (2.44%), KLAC (1.51%). Only by USMV: MSFT (1.68%), VRTX (1.63%), MRK (1.54%), MSI (1.51%), CB (1.47%).
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 | USMV |
|---|---|---|
| 2022 | -18.3% | -9.4% |
| 2023 | +9.1% | +10.3% |
| 2024 | +32.9% | +15.7% |
| 2025 | +22.1% | +7.6% |
| 2026 | +21.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and USMV good diversifiers for each other?
Only partially. A correlation of 0.56 means MTUM and USMV 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 USMV?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.19 over the last year and 0.68 over 5 years.
Is USMV a good diversifier for MTUM?
Only partially. A correlation of 0.56 means MTUM and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do MTUM and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 17.7% by weight over 33 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtum-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTUM correlations · USMV correlations
