MA vs USMV: Correlation
Mastercard (MA) and iShares MSCI USA Min Vol Factor ETF (USMV) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MA and USMV?
On 3 years of weekly data the MA/USMV correlation comes out at 0.64, strong. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.64). The 5-year figure is 0.64, and annualized covariance runs at 123.3 %².
Within MA's tracked universe of 46 assets, USMV comes in at #5 by 3-year correlation. Over the last 12 months USMV came out ahead by 9.3 percentage points (+0.8% against +10.1%). The rolling one-year correlation moved between 0.42 and 0.84 over the past three years, a moderate range. One caveat on sizing: MA is 1.9 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.
MA vs USMV: side by side
| MA (Mastercard) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +0.8% | +10.1% |
| 5-year return | +72.6% | +42.3% |
| Volatility (ann.) | 19.3% | 9.9% |
| Beta vs S&P 500 | 0.77 | 0.51 |
| Max drawdown (3Y) | -20.9% | -9.4% |
| Market cap | $518.4B | – |
| P/E (trailing) | 32.9 | – |
| Dividend yield | 0.56% | 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 | MA | USMV |
|---|---|---|
| 2022 | -2.7% | -9.4% |
| 2023 | +23.4% | +10.3% |
| 2024 | +24.2% | +15.7% |
| 2025 | +9.0% | +7.6% |
| 2026 | +4.2% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MA represents 1.28% of USMV's portfolio, so part of any move in USMV is MA itself, and the correlation between them is partly mechanical.
Are MA and USMV good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MA and USMV?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.41 over the last year and 0.64 over 5 years.
Is USMV a good diversifier for MA?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 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/ma-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ma-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MA correlations · USMV correlations
