BRO vs USMV: Correlation
How closely do Brown & Brown (BRO) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRO and USMV?
Over the past 3 years, BRO and USMV moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 126.6 %².
Among the 35 assets we track against BRO, USMV ranks #12 by 3-year correlation. The last year tells two different stories: USMV led by 35.1 percentage points, -25.0% for BRO against +10.1% for USMV. Stability stands out here, with the rolling one-year correlation confined to 0.46 through 0.71. One caveat on sizing: BRO is 2.5 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.
BRO vs USMV: side by side
| BRO (Brown & Brown) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -25.0% | +10.1% |
| 5-year return | +27.5% | +42.3% |
| Volatility (ann.) | 24.4% | 9.9% |
| Beta vs S&P 500 | 0.39 | 0.51 |
| Max drawdown (3Y) | -55.8% | -9.4% |
| Market cap | $23.9B | – |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 0.89% | 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 | BRO | USMV |
|---|---|---|
| 2022 | -18.4% | -9.4% |
| 2023 | +25.7% | +10.3% |
| 2024 | +44.3% | +15.7% |
| 2025 | -21.4% | +7.6% |
| 2026 | -9.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRO and USMV good diversifiers for each other?
Only partially. A correlation of 0.52 means BRO and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BRO and USMV?
As of 2026-08-27, the correlation of weekly returns between BRO and USMV is 0.52 over 3 years, 0.47 over 1 year and 0.62 over 5 years.
Is USMV a good diversifier for BRO?
Only partially. A correlation of 0.52 means BRO and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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/bro-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bro-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BRO correlations · USMV correlations
