ICE vs USMV: Correlation
Measured on weekly returns over the past three years, Intercontinental Exchange (ICE) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and USMV?
Across a 3-year window, the weekly returns of ICE and USMV correlate at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.50). Stretching to 5 years gives 0.63, with an annualized covariance of 104.8 %².
Among the 31 assets we track against ICE, USMV ranks #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USMV outperformed by 18.0 percentage points (-7.9% for ICE against +10.1% for USMV). On a rolling one-year basis the correlation drifted between 0.33 and 0.82, a moderate band. One caveat on sizing: ICE is 2.1 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.
ICE vs USMV: side by side
| ICE (Intercontinental Exchange) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -7.9% | +10.1% |
| 5-year return | +44.2% | +42.3% |
| Volatility (ann.) | 21.2% | 9.9% |
| Beta vs S&P 500 | 0.62 | 0.51 |
| Max drawdown (3Y) | -33.9% | -9.4% |
| Market cap | $90.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.24% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Financials | 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 | ICE | USMV |
|---|---|---|
| 2022 | -23.9% | -9.4% |
| 2023 | +27.1% | +10.3% |
| 2024 | +17.5% | +15.7% |
| 2025 | +9.9% | +7.6% |
| 2026 | +0.2% | +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 ICE at a 0.27% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ICE and USMV good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICE and USMV?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.33 over the last year and 0.63 over 5 years.
Is USMV a good diversifier for ICE?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/ice-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ice-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICE correlations · USMV correlations
