AON vs USMV: Correlation
Aon plc (AON) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and USMV?
On 3 years of weekly data the AON/USMV correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.47 over 3. The 5-year figure is 0.60, and annualized covariance runs at 102.4 %².
Within AON's tracked universe of 32 assets, USMV comes in at #15 by 3-year correlation. Over the last 12 months USMV came out ahead by 14.7 percentage points (-4.6% against +10.1%). The rolling one-year correlation moved between 0.20 and 0.69 over the past three years, a moderate range. Risk is not evenly split, since AON carries 2.2 times the volatility of the other side.
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.
AON vs USMV: side by side
| AON (Aon plc) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -4.6% | +10.1% |
| 5-year return | +27.0% | +42.3% |
| Volatility (ann.) | 21.7% | 9.9% |
| Beta vs S&P 500 | 0.34 | 0.51 |
| Max drawdown (3Y) | -24.2% | -9.4% |
| Market cap | $74.2B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 0.86% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Financials | ETF · US Style |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | AON | USMV |
|---|---|---|
| 2022 | +0.6% | -9.4% |
| 2023 | -2.3% | +10.3% |
| 2024 | +24.5% | +15.7% |
| 2025 | -1.2% | +7.6% |
| 2026 | -0.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that USMV holds AON at a 0.46% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AON and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AON and USMV?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.46 over the last year and 0.60 over 5 years.
Is USMV a good diversifier for AON?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aon-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aon-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AON correlations · USMV correlations
