MTUM vs VOO: Correlation & Overlap
How closely do iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong. The two funds also share 28.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VOO?
On 3 years of weekly data the MTUM/VOO correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.76) than the 3-year average (0.88). The 5-year figure is 0.86, and annualized covariance runs at 258.7 %².
Within MTUM's tracked universe of 109 assets, VOO comes in at #7 by 3-year correlation. Their 12-month results are close: +25.2% for MTUM against +20.6% for VOO. The link looks structural: the rolling one-year correlation barely moved, holding between 0.74 and 0.95.
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 VOO: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +25.2% | +20.6% |
| 5-year return | +76.1% | +83.0% |
| Volatility (ann.) | 20.6% | 14.4% |
| Beta vs S&P 500 | 1.25 | 0.99 |
| Max drawdown (3Y) | -21.0% | -18.7% |
| Dividend yield | 0.62% | 1.07% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $25.3B | $1,686.9B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between MTUM and VOO
The two portfolios partially overlap. Weighing the shared positions, 28.2% of the two funds is identical, spread across 110 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in MTUM | Weight in VOO |
|---|---|---|
| AVGO | 4.25% | 2.87% |
| GOOGL | 2.44% | 3.25% |
| GOOG | 1.89% | 2.62% |
| MU | 6.60% | 1.44% |
| AMD | 5.09% | 1.21% |
| XOM | 3.78% | 1.00% |
| JNJ | 3.67% | 0.96% |
| WMT | 2.44% | 0.76% |
| CSCO | 2.43% | 0.71% |
| INTC | 3.91% | 0.66% |
| AMAT | 2.89% | 0.63% |
| CAT | 3.63% | 0.58% |
| CVX | 1.75% | 0.57% |
| LRCX | 3.26% | 0.57% |
| GS | 1.38% | 0.45% |
Largest positions held only by MTUM: BE (0.69%), RVMD (0.30%), FTI (0.28%), ALAB (0.20%), RKLB (0.17%). Only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), META (1.90%).
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 | VOO |
|---|---|---|
| 2022 | -18.3% | -18.2% |
| 2023 | +9.1% | +26.3% |
| 2024 | +32.9% | +25.0% |
| 2025 | +22.1% | +17.8% |
| 2026 | +21.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VOO good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MTUM and VOO?
As of 2026-08-27, the correlation of weekly returns between MTUM and VOO is 0.88 over 3 years, 0.76 over 1 year and 0.86 over 5 years.
Is VOO a good diversifier for MTUM?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
How much do MTUM and VOO overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 28.2% by weight over 110 common positions.
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