FENC vs USMV: Correlation
How closely do Fennec Pharmaceuticals Inc. (FENC) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and USMV?
On 3 years of weekly data the FENC/USMV correlation comes out at 0.41, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.54 versus 0.41 over 3 years. The 5-year figure is 0.20, and annualized covariance runs at 236.4 %².
Among the 14 assets we track against FENC, USMV ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FENC outperformed by 20.1 percentage points (+30.2% for FENC against +10.1% for USMV). One caveat on sizing: FENC is 5.9 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.
FENC vs USMV: side by side
| FENC (Fennec Pharmaceuticals Inc.) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +30.2% | +10.1% |
| 5-year return | +49.7% | +42.3% |
| Volatility (ann.) | 58.3% | 9.9% |
| Beta vs S&P 500 | 1.41 | 0.51 |
| Max drawdown (3Y) | -65.6% | -9.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | FENC | USMV |
|---|---|---|
| 2022 | +118.2% | -9.4% |
| 2023 | +16.9% | +10.3% |
| 2024 | -43.7% | +15.7% |
| 2025 | +21.8% | +7.6% |
| 2026 | +52.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and USMV good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FENC and USMV?
As of 2026-08-27, the correlation of weekly returns between FENC and USMV is 0.41 over 3 years, 0.54 over 1 year and 0.20 over 5 years.
Is USMV a good diversifier for FENC?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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/fenc-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fenc-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FENC correlations · USMV correlations
