AZO vs USMV: Correlation
Measured on weekly returns over the past three years, AutoZone (AZO) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and USMV?
Across a 3-year window, the weekly returns of AZO and USMV correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.53, with an annualized covariance of 90.1 %².
Among the 30 assets we track against AZO, USMV ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USMV outperformed by 40.4 percentage points (-30.3% for AZO against +10.1% for USMV). The link looks structural: the rolling one-year correlation barely moved, holding between 0.36 and 0.56. Note the risk asymmetry: AZO runs 2.3 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.
AZO vs USMV: side by side
| AZO (AutoZone) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -30.3% | +10.1% |
| 5-year return | +88.5% | +42.3% |
| Volatility (ann.) | 23.2% | 9.9% |
| Beta vs S&P 500 | 0.31 | 0.51 |
| Max drawdown (3Y) | -32.9% | -9.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Consumer Discretionary | 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 | AZO | USMV |
|---|---|---|
| 2022 | +17.6% | -9.4% |
| 2023 | +4.8% | +10.3% |
| 2024 | +23.8% | +15.7% |
| 2025 | +5.9% | +7.6% |
| 2026 | -13.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.72% of USMV is AZO itself, so the fund partly moves with the stock by construction.
Are AZO and USMV good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AZO and USMV?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.43 over the last year and 0.53 over 5 years.
Is USMV a good diversifier for AZO?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/azo-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/azo-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AZO correlations · USMV correlations
