MTUM vs VIG: Correlation & Overlap
iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Dividend Appreciation ETF (VIG) show a strong relationship: their 3-year correlation of weekly returns is 0.74. By holdings, the two funds overlap 27.6% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VIG?
Over the past 3 years, MTUM and VIG moved with a correlation of 0.74, which is strong. The link has loosened recently: the 1-year correlation (0.55) runs below the 3-year figure (0.74). Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 181.3 %².
By 3-year correlation, VIG places #20 of the 109 assets tracked against MTUM. Over the last 12 months MTUM came out ahead by 8.1 percentage points (+25.2% against +17.1%). Across three years, the rolling one-year figure varied moderately, from 0.54 to 0.90. One caveat on sizing: MTUM is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VIG: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | +25.2% | +17.1% |
| 5-year return | +76.1% | +64.0% |
| Volatility (ann.) | 20.6% | 11.9% |
| Beta vs S&P 500 | 1.25 | 0.74 |
| Max drawdown (3Y) | -21.0% | -15.0% |
| Dividend yield | 0.62% | 1.50% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $25.3B | $130.9B |
| Sector / category | ETF · US Style | ETF · Dividend |
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. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between MTUM and VIG
The two portfolios partially overlap: 27.6% of the funds' weight sits in the same underlying holdings (35 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in MTUM | Weight in VIG |
|---|---|---|
| AVGO | 4.25% | 4.65% |
| XOM | 3.78% | 2.80% |
| JNJ | 3.67% | 2.68% |
| WMT | 2.44% | 2.12% |
| CSCO | 2.43% | 1.99% |
| CAT | 3.63% | 1.63% |
| LRCX | 3.26% | 1.59% |
| GS | 1.38% | 1.24% |
| TXN | 1.75% | 1.09% |
| MS | 1.08% | 1.09% |
| KLAC | 1.51% | 1.04% |
| APH | 0.82% | 0.86% |
| ADI | 1.45% | 0.78% |
| BNY | 0.66% | 0.47% |
| CSX | 0.58% | 0.41% |
Largest positions held only by MTUM: MU (6.60%), AMD (5.09%), INTC (3.91%), GEV (2.91%), AMAT (2.89%). Only by VIG: AAPL (4.47%), MSFT (4.35%), JPM (4.09%), LLY (3.94%), V (2.46%).
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 | VIG |
|---|---|---|
| 2022 | -18.3% | -9.8% |
| 2023 | +9.1% | +14.5% |
| 2024 | +32.9% | +17.0% |
| 2025 | +22.1% | +14.2% |
| 2026 | +21.8% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VIG good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTUM and VIG?
The MTUM/VIG correlation stands at 0.74 on a 3-year window (1 year: 0.55, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is VIG a good diversifier for MTUM?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do MTUM and VIG overlap?
The two funds share 35 holdings amounting to 27.6% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: MTUM correlations · VIG correlations
