HGTY vs USMV: Correlation
Hagerty, Inc. (HGTY) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGTY and USMV?
Over the past 3 years, HGTY and USMV moved with a correlation of 0.40, which is moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.40 over 3. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 118.5 %².
Within HGTY's tracked universe of 11 assets, USMV comes in at #5 by 3-year correlation. Over the last 12 months HGTY came out ahead by 9.5 percentage points (+19.6% against +10.1%). Note the risk asymmetry: HGTY runs 3.0 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.
HGTY vs USMV: side by side
| HGTY (Hagerty, Inc.) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +19.6% | +10.1% |
| 5-year return | +32.9% | +42.3% |
| Volatility (ann.) | 29.7% | 9.9% |
| Beta vs S&P 500 | 0.63 | 0.51 |
| Max drawdown (3Y) | -31.1% | -9.4% |
| Market cap | $4.6B | – |
| P/E (trailing) | 102.5 | – |
| 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 | HGTY | USMV |
|---|---|---|
| 2022 | -40.7% | -9.4% |
| 2023 | -7.3% | +10.3% |
| 2024 | +23.7% | +15.7% |
| 2025 | +39.3% | +7.6% |
| 2026 | -0.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HGTY and USMV good diversifiers for each other?
Reasonably. At 0.40, HGTY and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HGTY and USMV?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.42 over the last year and 0.29 over 5 years.
Is USMV a good diversifier for HGTY?
Reasonably. At 0.40, HGTY and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/hgty-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hgty-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HGTY correlations · USMV correlations
