ERIE vs USMV: Correlation
Measured on weekly returns over the past three years, Erie Indemnity (ERIE) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERIE and USMV?
On 3 years of weekly data the ERIE/USMV correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 129.7 %².
Within ERIE's tracked universe of 33 assets, USMV comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USMV outperformed by 34.6 percentage points (-24.5% for ERIE against +10.1% for USMV). Across three years, the rolling one-year figure varied moderately, from 0.04 to 0.52. One caveat on sizing: ERIE is 3.1 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.
ERIE vs USMV: side by side
| ERIE (Erie Indemnity) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -24.5% | +10.1% |
| 5-year return | +61.3% | +42.3% |
| Volatility (ann.) | 30.3% | 9.9% |
| Beta vs S&P 500 | 0.37 | 0.51 |
| Max drawdown (3Y) | -60.9% | -9.4% |
| Market cap | $13.6B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 2.24% | 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 | ERIE | USMV |
|---|---|---|
| 2022 | +32.0% | -9.4% |
| 2023 | +37.3% | +10.3% |
| 2024 | +24.7% | +15.7% |
| 2025 | -29.4% | +7.6% |
| 2026 | -8.0% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of USMV is ERIE itself, so the fund partly moves with the stock by construction.
Are ERIE and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ERIE and USMV?
As of 2026-08-27, the correlation of weekly returns between ERIE and USMV is 0.43 over 3 years, 0.44 over 1 year and 0.36 over 5 years.
Is USMV a good diversifier for ERIE?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/erie-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/erie-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERIE correlations · USMV correlations
