GDV vs USMV: Correlation
Measured on weekly returns over the past three years, Gabelli Dividend & Income Trust (GDV) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and USMV?
Over the past 3 years, GDV and USMV moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.60 versus 0.80 over 3 years. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 120.0 %².
Within GDV's tracked universe of 71 assets, USMV comes in at #23 by 3-year correlation. Over the last 12 months GDV came out ahead by 10.2 percentage points (+20.3% against +10.1%). One caveat on sizing: GDV is 1.5 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.
GDV vs USMV: side by side
| GDV (Gabelli Dividend & Income Trust) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +20.3% | +10.1% |
| 5-year return | +53.8% | +42.3% |
| Volatility (ann.) | 15.0% | 9.9% |
| Beta vs S&P 500 | 0.90 | 0.51 |
| Max drawdown (3Y) | -16.1% | -9.4% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 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 | GDV | USMV |
|---|---|---|
| 2022 | -18.6% | -9.4% |
| 2023 | +11.9% | +10.3% |
| 2024 | +18.1% | +15.7% |
| 2025 | +22.8% | +7.6% |
| 2026 | +13.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and USMV good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GDV and USMV?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.60 over the last year and 0.84 over 5 years.
Is USMV a good diversifier for GDV?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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/gdv-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdv-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDV correlations · USMV correlations
