IEMG vs USMV: Correlation & Overlap
iShares Core MSCI Emerging Markets ETF (IEMG) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.44. By holdings, the two funds overlap 0.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and USMV?
On 3 years of weekly data the IEMG/USMV correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.44). The 5-year figure is 0.46, and annualized covariance runs at 76.3 %².
By 3-year correlation, USMV places #49 of the 68 assets tracked against IEMG. Their recent paths diverged sharply: over the last 12 months IEMG outperformed by 25.9 percentage points (+36.0% for IEMG against +10.1% for USMV). The rolling one-year correlation moved between 0.22 and 0.66 over the past three years, a moderate range. Risk is not evenly split, since IEMG carries 1.8 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.
IEMG vs USMV: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +36.0% | +10.1% |
| 5-year return | +50.7% | +42.3% |
| Volatility (ann.) | 17.4% | 9.9% |
| Beta vs S&P 500 | 0.84 | 0.51 |
| Max drawdown (3Y) | -17.2% | -9.4% |
| Dividend yield | 2.31% | 1.48% |
| Expense ratio | 0.09% | 0.15% |
| Assets under management | $152.2B | $23.6B |
| Sector / category | ETF · International | ETF · US Style |
On the fund side, IEMG sits in the Diversified Emerging Mkts category at iShares, with $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% 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 IEMG and USMV
The two portfolios are largely distinct: 0.0% of the funds' weight sits in the same underlying holdings (1 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in IEMG | Weight in USMV |
|---|---|---|
| TEL | 0.01% | 0.53% |
Largest positions held only by IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%). 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. Top 1 common positions shown.
Year-by-year returns
| Year | IEMG | USMV |
|---|---|---|
| 2022 | -20.0% | -9.4% |
| 2023 | +11.5% | +10.3% |
| 2024 | +6.5% | +15.7% |
| 2025 | +32.6% | +7.6% |
| 2026 | +23.6% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and USMV good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IEMG and USMV?
As of 2026-08-27, the correlation of weekly returns between IEMG and USMV is 0.44 over 3 years, 0.24 over 1 year and 0.46 over 5 years.
Is USMV a good diversifier for IEMG?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do IEMG and USMV overlap?
0.0% by weight, across 1 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iemg-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iemg-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEMG correlations · USMV correlations
