IVV vs USMV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core S&P 500 ETF (IVV) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.74, a strong link. The two funds also share 35.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and USMV?
Across a 3-year window, the weekly returns of IVV and USMV correlate at 0.74, strong. The past 12 months show a weaker link (0.53) than the 3-year average (0.74). Stretching to 5 years gives 0.83, with an annualized covariance of 107.3 %².
Within IVV's tracked universe of 122 assets, USMV comes in at #43 by 3-year correlation. The trailing year gives IVV the advantage: +20.7% versus +10.1%, a 10.6-point spread. On a rolling one-year basis the correlation drifted between 0.52 and 0.88, a moderate band.
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.
IVV vs USMV: side by side
| IVV (iShares Core S&P 500 ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +20.7% | +10.1% |
| 5-year return | +83.0% | +42.3% |
| Volatility (ann.) | 14.5% | 9.9% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -9.4% |
| Dividend yield | 1.09% | 1.48% |
| Expense ratio | 0.03% | 0.15% |
| Assets under management | $869.2B | $23.6B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
IVV, iShares's Large Blend fund, carries $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% 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 IVV and USMV
The two portfolios partially overlap: 35.2% of the funds' weight sits in the same underlying holdings (148 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in IVV | Weight in USMV |
|---|---|---|
| MSFT | 5.57% | 1.68% |
| BRK.B | 1.40% | 1.41% |
| NVDA | 7.67% | 1.35% |
| XOM | 0.99% | 1.38% |
| JNJ | 0.98% | 1.58% |
| V | 0.96% | 1.02% |
| AVGO | 2.54% | 0.90% |
| AAPL | 6.96% | 0.88% |
| LLY | 1.42% | 0.79% |
| MA | 0.73% | 1.28% |
| MU | 1.60% | 0.71% |
| ABBV | 0.70% | 0.73% |
| AMD | 1.18% | 0.67% |
| CSCO | 0.67% | 1.38% |
| WMT | 0.69% | 0.65% |
Largest positions held only by IVV: GOOGL (3.03%), TSLA (1.47%), JPM (1.44%), INTC (0.66%), BAC (0.61%). Only by USMV: WCN (1.22%), SNOW (0.53%), FWONK (0.51%), ALNY (0.51%), MELI (0.36%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | IVV | USMV |
|---|---|---|
| 2022 | -18.2% | -9.4% |
| 2023 | +26.3% | +10.3% |
| 2024 | +24.9% | +15.7% |
| 2025 | +17.8% | +7.6% |
| 2026 | +13.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and USMV good diversifiers for each other?
Only partially. A correlation of 0.74 means IVV and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IVV and USMV?
As of 2026-08-27, the correlation of weekly returns between IVV and USMV is 0.74 over 3 years, 0.53 over 1 year and 0.83 over 5 years.
Is USMV a good diversifier for IVV?
Only partially. A correlation of 0.74 means IVV and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do IVV and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 35.2% by weight over 148 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ivv-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivv-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IVV correlations · USMV correlations
