CTAS vs USMV: Correlation
Measured on weekly returns over the past three years, Cintas (CTAS) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and USMV?
Across a 3-year window, the weekly returns of CTAS and USMV correlate at 0.60, strong. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.60 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 138.1 %².
USMV is one of the assets that tracks CTAS most closely: it ranks #1 out of the 38 assets we track against CTAS. On 12-month performance USMV holds a 13.4-point edge, -3.3% against +10.1%. On a rolling one-year basis the correlation drifted between 0.40 and 0.82, a moderate band. Risk is not evenly split, since CTAS carries 2.3 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.
CTAS vs USMV: side by side
| CTAS (Cintas) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -3.3% | +10.1% |
| 5-year return | +117.4% | +42.3% |
| Volatility (ann.) | 23.2% | 9.9% |
| Beta vs S&P 500 | 0.71 | 0.51 |
| Max drawdown (3Y) | -27.7% | -9.4% |
| Market cap | $81.7B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.87% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Industrials | 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 | CTAS | USMV |
|---|---|---|
| 2022 | +3.0% | -9.4% |
| 2023 | +34.8% | +10.3% |
| 2024 | +22.2% | +15.7% |
| 2025 | +3.8% | +7.6% |
| 2026 | +9.4% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTAS and USMV good diversifiers for each other?
Only partially. A correlation of 0.60 means CTAS 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 CTAS and USMV?
The CTAS/USMV correlation stands at 0.60 on a 3-year window (1 year: 0.41, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for CTAS?
Only partially. A correlation of 0.60 means CTAS 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 0.60 mean?
On the −1 to +1 scale, 0.60 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/ctas-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ctas-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CTAS correlations · USMV correlations
