MTUM vs VUG: Correlation & Overlap
iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard Growth ETF (VUG) show a very strong relationship: their 3-year correlation of weekly returns is 0.85. Looking through to holdings, 22.6% 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 VUG?
On 3 years of weekly data the MTUM/VUG correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.69) than the 3-year average (0.85). The 5-year figure is 0.81, and annualized covariance runs at 340.9 %².
Among the 109 assets we track against MTUM, VUG ranks #14 by 3-year correlation. The trailing year gives MTUM the advantage: +25.2% versus +16.2%, a 9.0-point spread. On a rolling one-year basis the correlation drifted between 0.53 and 0.94, 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 VUG: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +25.2% | +16.2% |
| 5-year return | +76.1% | +78.4% |
| Volatility (ann.) | 20.6% | 19.4% |
| Beta vs S&P 500 | 1.25 | 1.28 |
| Max drawdown (3Y) | -21.0% | -22.8% |
| Dividend yield | 0.62% | 0.40% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $25.3B | $372.0B |
| Sector / category | ETF · US Style | ETF · US Style |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between MTUM and VUG
The two portfolios partially overlap, with 37 holdings in common adding up to 22.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in MTUM | Weight in VUG |
|---|---|---|
| AVGO | 4.25% | 4.47% |
| GOOGL | 2.44% | 5.81% |
| AMD | 5.09% | 2.17% |
| GOOG | 1.89% | 4.64% |
| AMAT | 2.89% | 1.14% |
| LRCX | 3.26% | 1.03% |
| GEV | 2.91% | 0.76% |
| KLAC | 1.51% | 0.68% |
| APH | 0.82% | 0.57% |
| ANET | 0.80% | 0.56% |
| STX | 2.16% | 0.55% |
| WDC | 1.89% | 0.54% |
| INTC | 3.91% | 0.52% |
| TJX | 0.56% | 0.50% |
| WELL | 0.81% | 0.48% |
Largest positions held only by MTUM: MU (6.60%), XOM (3.78%), JNJ (3.67%), CAT (3.63%), WMT (2.44%). Only by VUG: NVDA (12.84%), AAPL (12.63%), MSFT (9.61%), AMZN (5.16%), META (3.41%).
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 | VUG |
|---|---|---|
| 2022 | -18.3% | -33.2% |
| 2023 | +9.1% | +46.8% |
| 2024 | +32.9% | +32.7% |
| 2025 | +22.1% | +19.4% |
| 2026 | +21.8% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VUG good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MTUM and VUG?
As of 2026-08-27, the correlation of weekly returns between MTUM and VUG is 0.85 over 3 years, 0.69 over 1 year and 0.81 over 5 years.
Is VUG a good diversifier for MTUM?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
How much do MTUM and VUG overlap?
22.6% by weight, across 37 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-vug.json
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Hubs: MTUM correlations · VUG correlations
