COR vs USMV: Correlation
How closely do Cencora (COR) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and USMV?
Over the past 3 years, COR and USMV moved with a correlation of 0.39, 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 0.49, and the annualized covariance of weekly returns is 85.7 %².
By 3-year correlation, USMV places #14 of the 43 assets tracked against COR. Neither side won the trailing year by much: +11.4% against +10.1%. On a rolling one-year basis the correlation drifted between 0.10 and 0.58, a moderate band. Note the risk asymmetry: COR runs 2.2 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.
COR vs USMV: side by side
| COR (Cencora) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +11.4% | +10.1% |
| 5-year return | +188.6% | +42.3% |
| Volatility (ann.) | 21.9% | 9.9% |
| Beta vs S&P 500 | 0.08 | 0.51 |
| Max drawdown (3Y) | -32.4% | -9.4% |
| Market cap | $61.3B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.72% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Health Care | 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 | COR | USMV |
|---|---|---|
| 2022 | +26.3% | -9.4% |
| 2023 | +25.3% | +10.3% |
| 2024 | +10.4% | +15.7% |
| 2025 | +51.5% | +7.6% |
| 2026 | -4.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.28% of USMV is COR itself, so the fund partly moves with the stock by construction.
Are COR and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COR and USMV?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.47 over the last year and 0.49 over 5 years.
Is USMV a good diversifier for COR?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
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/cor-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cor-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COR correlations · USMV correlations
