LH vs USMV: Correlation
How closely do Labcorp (LH) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LH and USMV?
Over the past 3 years, LH and USMV moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 104.6 %².
Among the 34 assets we track against LH, USMV ranks #4 by 3-year correlation. On 12-month performance LH holds a 11.7-point edge, +21.8% against +10.1%. On a rolling one-year basis the correlation drifted between 0.32 and 0.68, a moderate band. One caveat on sizing: LH is 2.2 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.
LH vs USMV: side by side
| LH (Labcorp) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +21.8% | +10.1% |
| 5-year return | +36.0% | +42.3% |
| Volatility (ann.) | 21.4% | 9.9% |
| Beta vs S&P 500 | 0.33 | 0.51 |
| Max drawdown (3Y) | -17.4% | -9.4% |
| Market cap | $27.3B | – |
| P/E (trailing) | 27.8 | – |
| Dividend yield | 0.86% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Health Care | 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 | LH | USMV |
|---|---|---|
| 2022 | -24.4% | -9.4% |
| 2023 | +13.8% | +10.3% |
| 2024 | +2.2% | +15.7% |
| 2025 | +10.6% | +7.6% |
| 2026 | +34.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LH and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LH and USMV?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.54 over the last year and 0.57 over 5 years.
Is USMV a good diversifier for LH?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lh-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lh-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LH correlations · USMV correlations
