EVT vs USMV: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax Advantaged Dividend Income Fund (EVT) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVT and USMV?
Across a 3-year window, the weekly returns of EVT and USMV correlate at 0.77, strong. The link has loosened recently: the 1-year correlation (0.64) runs below the 3-year figure (0.77). Stretching to 5 years gives 0.78, with an annualized covariance of 117.3 %².
Within EVT's tracked universe of 52 assets, USMV comes in at #11 by 3-year correlation. The last year tells two different stories: EVT led by 18.7 percentage points, +28.8% for EVT against +10.1% for USMV. Risk is not evenly split, since EVT carries 1.5 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.
EVT vs USMV: side by side
| EVT (Eaton Vance Tax Advantaged Dividend Income Fund) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +28.8% | +10.1% |
| 5-year return | +51.3% | +42.3% |
| Volatility (ann.) | 15.3% | 9.9% |
| Beta vs S&P 500 | 0.85 | 0.51 |
| Max drawdown (3Y) | -18.7% | -9.4% |
| Market cap | $2.2B | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 6.80% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | US Listed | 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 | EVT | USMV |
|---|---|---|
| 2022 | -17.3% | -9.4% |
| 2023 | +5.8% | +10.3% |
| 2024 | +17.4% | +15.7% |
| 2025 | +13.8% | +7.6% |
| 2026 | +20.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVT and USMV good diversifiers for each other?
Only partially. A correlation of 0.77 means EVT 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 EVT and USMV?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.64 over the last year and 0.78 over 5 years.
Is USMV a good diversifier for EVT?
Only partially. A correlation of 0.77 means EVT 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 0.77 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/evt-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evt-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVT correlations · USMV correlations
