APD vs USMV: Correlation
Measured on weekly returns over the past three years, Air Products (APD) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and USMV?
On 3 years of weekly data the APD/USMV correlation comes out at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.45 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 118.8 %².
Within APD's tracked universe of 33 assets, USMV comes in at #11 by 3-year correlation. Neither side won the trailing year by much: +6.5% against +10.1%. This link changes with the market regime, having swung between 0.17 and 0.68 on a rolling one-year basis. One caveat on sizing: APD is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
APD vs USMV: side by side
| APD (Air Products) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +6.5% | +10.1% |
| 5-year return | +28.2% | +42.3% |
| Volatility (ann.) | 26.7% | 9.9% |
| Beta vs S&P 500 | 0.64 | 0.51 |
| Max drawdown (3Y) | -30.4% | -9.4% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Materials | 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 | APD | USMV |
|---|---|---|
| 2022 | +3.9% | -9.4% |
| 2023 | -9.0% | +10.3% |
| 2024 | +8.1% | +15.7% |
| 2025 | -12.7% | +7.6% |
| 2026 | +26.1% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APD and USMV?
The APD/USMV correlation stands at 0.45 on a 3-year window (1 year: 0.16, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for APD?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apd-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · USMV correlations
