FXI vs USMV: Correlation & Overlap
How closely do iShares China Large-Cap ETF (FXI) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and USMV?
On 3 years of weekly data the FXI/USMV correlation comes out at 0.28, weak. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.28 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 69.7 %².
Within FXI's tracked universe of 74 assets, USMV comes in at #54 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USMV ahead by 16.2 points (-6.1% versus +10.1%). On a rolling one-year basis the correlation drifted between 0.16 and 0.51, a moderate band. Risk is not evenly split, since FXI carries 2.6 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.
FXI vs USMV: side by side
| FXI (iShares China Large-Cap ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -6.1% | +10.1% |
| 5-year return | -1.4% | +42.3% |
| Volatility (ann.) | 25.3% | 9.9% |
| Beta vs S&P 500 | 0.68 | 0.51 |
| Max drawdown (3Y) | -23.2% | -9.4% |
| Dividend yield | 1.87% | 1.48% |
| Expense ratio | 0.73% | 0.15% |
| Assets under management | $4.3B | $23.6B |
| Sector / category | ETF · International | ETF · US Style |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between FXI and USMV
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by USMV: MSFT (1.68%), NEM (1.65%), VRTX (1.63%), JNJ (1.58%), WELL (1.57%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | FXI | USMV |
|---|---|---|
| 2022 | -20.7% | -9.4% |
| 2023 | -12.4% | +10.3% |
| 2024 | +29.0% | +15.7% |
| 2025 | +28.9% | +7.6% |
| 2026 | -7.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and USMV?
The FXI/USMV correlation stands at 0.28 on a 3-year window (1 year: 0.17, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
How much do FXI and USMV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FXI correlations · USMV correlations
