MTUM vs VTV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Value ETF (VTV) carry a correlation of 0.67, a strong link. Looking through to holdings, 30.7% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VTV?
Over the past 3 years, MTUM and VTV moved with a correlation of 0.67, which is strong. The link has loosened recently: the 1-year correlation (0.54) runs below the 3-year figure (0.67). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 165.2 %².
Among the 109 assets we track against MTUM, VTV ranks #39 by 3-year correlation. Neither side won the trailing year by much: +25.2% against +25.7%. The rolling one-year correlation moved between 0.48 and 0.87 over the past three years, a moderate range. Note the risk asymmetry: MTUM runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VTV: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +25.2% | +25.7% |
| 5-year return | +76.1% | +79.1% |
| Volatility (ann.) | 20.6% | 11.9% |
| Beta vs S&P 500 | 1.25 | 0.65 |
| Max drawdown (3Y) | -21.0% | -14.5% |
| Dividend yield | 0.62% | 1.86% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $25.3B | $256.4B |
| 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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between MTUM and VTV
The two portfolios partially overlap, with 67 holdings in common adding up to 30.7% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in MTUM | Weight in VTV |
|---|---|---|
| MU | 6.60% | 3.46% |
| XOM | 3.78% | 2.40% |
| JNJ | 3.67% | 2.30% |
| WMT | 2.44% | 1.82% |
| CSCO | 2.43% | 1.53% |
| CAT | 3.63% | 1.40% |
| CVX | 1.75% | 1.39% |
| GS | 1.38% | 1.06% |
| MS | 1.08% | 0.93% |
| C | 1.21% | 0.82% |
| INTC | 3.91% | 0.68% |
| ADI | 1.45% | 0.67% |
| COP | 0.87% | 0.55% |
| TXN | 1.75% | 0.47% |
| DELL | 0.63% | 0.44% |
Largest positions held only by MTUM: AMD (5.09%), AVGO (4.25%), LRCX (3.26%), GEV (2.91%), AMAT (2.89%). Only by VTV: JPM (3.51%), BRK.B (2.99%), ABBV (1.65%), BAC (1.47%), UNH (1.40%).
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 | VTV |
|---|---|---|
| 2022 | -18.3% | -2.1% |
| 2023 | +9.1% | +9.3% |
| 2024 | +32.9% | +16.0% |
| 2025 | +22.1% | +15.3% |
| 2026 | +21.8% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VTV good diversifiers for each other?
Only partially. A correlation of 0.67 means MTUM and VTV 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 VTV?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.54 over the last year and 0.74 over 5 years.
Is VTV a good diversifier for MTUM?
Only partially. A correlation of 0.67 means MTUM and VTV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do MTUM and VTV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 30.7% by weight over 67 common positions.
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Hubs: MTUM correlations · VTV correlations
