LIN vs USMV: Correlation
How closely do Linde plc (LIN) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIN and USMV?
Over the past 3 years, LIN and USMV moved with a correlation of 0.54, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.54 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 88.4 %².
USMV is one of the assets that tracks LIN most closely: it ranks #2 out of the 36 assets we track against LIN. Over the last 12 months USMV came out ahead by 8.2 percentage points (+1.9% against +10.1%). The rolling one-year correlation moved between 0.31 and 0.78 over the past three years, a moderate range. Note the risk asymmetry: LIN runs 1.7 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.
LIN vs USMV: side by side
| LIN (Linde plc) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +1.9% | +10.1% |
| 5-year return | +64.6% | +42.3% |
| Volatility (ann.) | 16.5% | 9.9% |
| Beta vs S&P 500 | 0.37 | 0.51 |
| Max drawdown (3Y) | -19.2% | -9.4% |
| Market cap | $223.7B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 1.26% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Materials | 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 | LIN | USMV |
|---|---|---|
| 2022 | -4.4% | -9.4% |
| 2023 | +27.7% | +10.3% |
| 2024 | +3.2% | +15.7% |
| 2025 | +3.2% | +7.6% |
| 2026 | +14.6% | +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 LIN at a 0.63% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are LIN and USMV good diversifiers for each other?
Only partially. A correlation of 0.54 means LIN 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 LIN and USMV?
As of 2026-08-27, the correlation of weekly returns between LIN and USMV is 0.54 over 3 years, 0.30 over 1 year and 0.57 over 5 years.
Is USMV a good diversifier for LIN?
Only partially. A correlation of 0.54 means LIN and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lin-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lin-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LIN correlations · USMV correlations
