MTUM vs XLRE: Correlation & Overlap
How closely do iShares MSCI USA Momentum Factor ETF (MTUM) and Real Estate Select Sector SPDR Fund (XLRE) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate. Looking through to holdings, 1.5% 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 XLRE?
On 3 years of weekly data the MTUM/XLRE correlation comes out at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.38 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 131.3 %².
Among the 109 assets we track against MTUM, XLRE ranks #92 by 3-year correlation. The last year tells two different stories: MTUM led by 15.7 percentage points, +25.2% for MTUM against +9.5% for XLRE. On a rolling one-year basis the correlation drifted between 0.18 and 0.65, 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 XLRE: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.2% | +9.5% |
| 5-year return | +76.1% | +11.4% |
| Volatility (ann.) | 20.6% | 16.7% |
| Beta vs S&P 500 | 1.25 | 0.57 |
| Max drawdown (3Y) | -21.0% | -16.6% |
| Dividend yield | 0.62% | 3.12% |
| Expense ratio | 0.15% | 0.08% |
| Assets under management | $25.3B | $8.6B |
| Sector / category | ETF · US Style | Sector ETF |
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. On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between MTUM and XLRE
The two portfolios are largely distinct. Weighing the shared positions, 1.5% of the two funds is identical, spread across 3 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%). Only by XLRE: PLD (9.06%), AMT (5.49%), DLR (5.01%), VMRK (4.96%), SPG (4.72%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | MTUM | XLRE |
|---|---|---|
| 2022 | -18.3% | -26.2% |
| 2023 | +9.1% | +12.4% |
| 2024 | +32.9% | +5.1% |
| 2025 | +22.1% | +2.6% |
| 2026 | +21.8% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and XLRE good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTUM and XLRE?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.20 over the last year and 0.50 over 5 years.
Is XLRE a good diversifier for MTUM?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do MTUM and XLRE overlap?
The two funds share 3 holdings amounting to 1.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: MTUM correlations · XLRE correlations
