HCI vs USMV: Correlation
Measured on weekly returns over the past three years, HCI Group, Inc. (HCI) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCI and USMV?
Over the past 3 years, HCI and USMV moved with a correlation of 0.39, which is moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.39 over 3. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 140.2 %².
Few assets follow HCI as closely as USMV, which ranks #3 of 10 tracked partners. On 12-month performance HCI holds a 5.1-point edge, +15.2% against +10.1%. One caveat on sizing: HCI is 3.6 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.
HCI vs USMV: side by side
| HCI (HCI Group, Inc.) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +15.2% | +10.1% |
| 5-year return | +86.4% | +42.3% |
| Volatility (ann.) | 35.9% | 9.9% |
| Beta vs S&P 500 | 0.62 | 0.51 |
| Max drawdown (3Y) | -28.3% | -9.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 8.1 | – |
| Dividend yield | 0.86% | 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 | HCI | USMV |
|---|---|---|
| 2022 | -51.2% | -9.4% |
| 2023 | +126.8% | +10.3% |
| 2024 | +35.5% | +15.7% |
| 2025 | +66.3% | +7.6% |
| 2026 | -1.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCI and USMV good diversifiers for each other?
Reasonably. At 0.39, HCI and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HCI and USMV?
The HCI/USMV correlation stands at 0.39 on a 3-year window (1 year: 0.49, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for HCI?
Reasonably. At 0.39, HCI and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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/hci-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hci-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HCI correlations · USMV correlations
