ECL vs USMV: Correlation
How closely do Ecolab (ECL) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and USMV?
Over the past 3 years, ECL and USMV moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 119.0 %².
Among the 53 assets we track against ECL, USMV ranks #13 by 3-year correlation. The trailing year gives USMV the advantage: +3.1% versus +10.1%, a 7.0-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.53 through 0.76. Note the risk asymmetry: ECL runs 2.0 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.
ECL vs USMV: side by side
| ECL (Ecolab) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +3.1% | +10.1% |
| 5-year return | +34.0% | +42.3% |
| Volatility (ann.) | 19.5% | 9.9% |
| Beta vs S&P 500 | 0.64 | 0.51 |
| Max drawdown (3Y) | -20.1% | -9.4% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.98% | 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 | ECL | USMV |
|---|---|---|
| 2022 | -37.1% | -9.4% |
| 2023 | +37.9% | +10.3% |
| 2024 | +19.3% | +15.7% |
| 2025 | +13.2% | +7.6% |
| 2026 | +9.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and USMV good diversifiers for each other?
Only partially. A correlation of 0.61 means ECL 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 ECL and USMV?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.51 over the last year and 0.69 over 5 years.
Is USMV a good diversifier for ECL?
Only partially. A correlation of 0.61 means ECL 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 0.61 mean?
A reading of 0.61 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/ecl-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecl-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECL correlations · USMV correlations
