MTUM vs WDC: Correlation
iShares MSCI USA Momentum Factor ETF (MTUM) and Western Digital (WDC) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and WDC?
Across a 3-year window, the weekly returns of MTUM and WDC correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 775.6 %².
By 3-year correlation, WDC places #45 of the 109 assets tracked against MTUM. Their recent paths diverged sharply: over the last 12 months WDC outperformed by 449.1 percentage points (+25.2% for MTUM against +474.3% for WDC). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.28 to 0.83. Note the risk asymmetry: WDC runs 2.8 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 WDC: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | WDC (Western Digital) | |
|---|---|---|
| 1-year return | +25.2% | +474.3% |
| 5-year return | +76.1% | +889.2% |
| Volatility (ann.) | 20.6% | 58.0% |
| Beta vs S&P 500 | 1.25 | 2.15 |
| Max drawdown (3Y) | -21.0% | -49.6% |
| Market cap | – | $166.6B |
| P/E (trailing) | – | 17.4 |
| Dividend yield | 0.62% | 0.11% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | Information Technology |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | MTUM | WDC |
|---|---|---|
| 2022 | -18.3% | -51.6% |
| 2023 | +9.1% | +66.0% |
| 2024 | +32.9% | +13.9% |
| 2025 | +22.1% | +283.7% |
| 2026 | +21.8% | +168.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MTUM holds WDC at a 1.89% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MTUM and WDC good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTUM and WDC?
As of 2026-08-27, the correlation of weekly returns between MTUM and WDC is 0.65 over 3 years, 0.61 over 1 year and 0.58 over 5 years.
Is WDC a good diversifier for MTUM?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
A reading of 0.65 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTUM correlations · WDC correlations
