MTUM vs VNQ: Correlation & Overlap
iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Real Estate ETF (VNQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.39. The two funds also share 1.5% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VNQ?
Over the past 3 years, MTUM and VNQ moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.39 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 133.2 %².
Among the 109 assets we track against MTUM, VNQ ranks #91 by 3-year correlation. On 12-month performance MTUM holds a 14.9-point edge, +25.2% against +10.3%. On a rolling one-year basis the correlation drifted between 0.19 and 0.66, a moderate band.
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 VNQ: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +25.2% | +10.3% |
| 5-year return | +76.1% | +9.5% |
| Volatility (ann.) | 20.6% | 16.6% |
| Beta vs S&P 500 | 1.25 | 0.59 |
| Max drawdown (3Y) | -21.0% | -17.5% |
| Dividend yield | 0.62% | 3.51% |
| Expense ratio | 0.15% | 0.13% |
| Assets under management | $25.3B | $73.1B |
| Sector / category | ETF · US Style | ETF · Real Estate |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between MTUM and VNQ
The two portfolios are largely distinct. Weighing the shared positions, 1.5% of the two funds is identical, spread across 3 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%). Only by VNQ: VRTPX (14.54%), PLD (7.04%), AMT (4.22%), SPG (3.89%), DLR (3.38%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | MTUM | VNQ |
|---|---|---|
| 2022 | -18.3% | -26.3% |
| 2023 | +9.1% | +11.9% |
| 2024 | +32.9% | +4.8% |
| 2025 | +22.1% | +3.2% |
| 2026 | +21.8% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VNQ good diversifiers for each other?
Reasonably. At 0.39, MTUM and VNQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MTUM and VNQ?
As of 2026-08-27, the correlation of weekly returns between MTUM and VNQ is 0.39 over 3 years, 0.21 over 1 year and 0.52 over 5 years.
Is VNQ a good diversifier for MTUM?
Reasonably. At 0.39, MTUM and VNQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do MTUM and VNQ overlap?
1.5% by weight, across 3 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtum-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTUM correlations · VNQ correlations
