MTUM vs VWO: Correlation & Overlap
iShares MSCI USA Momentum Factor ETF (MTUM) and Vanguard FTSE Emerging Markets ETF (VWO) show a strong relationship: their 3-year correlation of weekly returns is 0.64. By holdings, the two funds overlap 0.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VWO?
On 3 years of weekly data the MTUM/VWO correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 199.1 %².
Among the 109 assets we track against MTUM, VWO ranks #50 by 3-year correlation. Neither side won the trailing year by much: +25.2% against +21.6%. The rolling one-year correlation moved between 0.40 and 0.77 over the past three years, a moderate range.
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 VWO: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +25.2% | +21.6% |
| 5-year return | +76.1% | +38.2% |
| Volatility (ann.) | 20.6% | 15.2% |
| Beta vs S&P 500 | 1.25 | 0.75 |
| Max drawdown (3Y) | -21.0% | -17.4% |
| Dividend yield | 0.62% | 2.36% |
| Expense ratio | 0.15% | 0.06% |
| Assets under management | $25.3B | $162.0B |
| Sector / category | ETF · US Style | ETF · International |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between MTUM and VWO
The two portfolios are largely distinct. Weighing the shared positions, 0.1% of the two funds is identical, spread across 1 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in MTUM | Weight in VWO |
|---|---|---|
| HAL | 0.19% | 0.10% |
Largest positions held only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 1 common positions shown.
Year-by-year returns
| Year | MTUM | VWO |
|---|---|---|
| 2022 | -18.3% | -18.0% |
| 2023 | +9.1% | +9.3% |
| 2024 | +32.9% | +10.6% |
| 2025 | +22.1% | +25.6% |
| 2026 | +21.8% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VWO good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MTUM and VWO?
As of 2026-08-27, the correlation of weekly returns between MTUM and VWO is 0.64 over 3 years, 0.73 over 1 year and 0.59 over 5 years.
Is VWO a good diversifier for MTUM?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do MTUM and VWO overlap?
The two funds share 1 holdings amounting to 0.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtum-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: MTUM correlations · VWO correlations
