FFIV vs USMV: Correlation
How closely do F5, Inc. (FFIV) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and USMV?
On 3 years of weekly data the FFIV/USMV correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 113.7 %².
Among the 34 assets we track against FFIV, USMV ranks #12 by 3-year correlation. The last year tells two different stories: FFIV led by 19.0 percentage points, +29.1% for FFIV against +10.1% for USMV. On a rolling one-year basis the correlation drifted between 0.28 and 0.62, a moderate band. Note the risk asymmetry: FFIV runs 2.7 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.
FFIV vs USMV: side by side
| FFIV (F5, Inc.) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +29.1% | +10.1% |
| 5-year return | +99.3% | +42.3% |
| Volatility (ann.) | 26.6% | 9.9% |
| Beta vs S&P 500 | 0.77 | 0.51 |
| Max drawdown (3Y) | -34.7% | -9.4% |
| Market cap | $23.2B | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.00% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Information Technology | 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 | FFIV | USMV |
|---|---|---|
| 2022 | -41.4% | -9.4% |
| 2023 | +24.7% | +10.3% |
| 2024 | +40.5% | +15.7% |
| 2025 | +1.5% | +7.6% |
| 2026 | +60.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that USMV holds FFIV at a 0.55% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FFIV and USMV good diversifiers for each other?
Reasonably. At 0.43, FFIV and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FFIV and USMV?
The FFIV/USMV correlation stands at 0.43 on a 3-year window (1 year: 0.34, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for FFIV?
Reasonably. At 0.43, FFIV and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio 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/ffiv-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ffiv-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFIV correlations · USMV correlations
