MCO vs USMV: Correlation
How closely do Moody's Corporation (MCO) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCO and USMV?
Over the past 3 years, MCO and USMV moved with a correlation of 0.62, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.62 over 3 years. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 158.4 %².
Among the 53 assets we track against MCO, USMV ranks #9 by 3-year correlation. On 12-month performance USMV holds a 9.4-point edge, +0.7% against +10.1%. On a rolling one-year basis the correlation drifted between 0.32 and 0.81, a moderate band. Risk is not evenly split, since MCO carries 2.6 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.
MCO vs USMV: side by side
| MCO (Moody's Corporation) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +0.7% | +10.1% |
| 5-year return | +39.4% | +42.3% |
| Volatility (ann.) | 25.8% | 9.9% |
| Beta vs S&P 500 | 1.08 | 0.51 |
| Max drawdown (3Y) | -24.7% | -9.4% |
| Market cap | $88.2B | – |
| P/E (trailing) | 32.7 | – |
| Dividend yield | 0.77% | 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 | MCO | USMV |
|---|---|---|
| 2022 | -28.0% | -9.4% |
| 2023 | +41.5% | +10.3% |
| 2024 | +22.2% | +15.7% |
| 2025 | +8.7% | +7.6% |
| 2026 | +0.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCO and USMV good diversifiers for each other?
Only partially. A correlation of 0.62 means MCO 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 MCO and USMV?
As of 2026-08-27, the correlation of weekly returns between MCO and USMV is 0.62 over 3 years, 0.32 over 1 year and 0.69 over 5 years.
Is USMV a good diversifier for MCO?
Only partially. A correlation of 0.62 means MCO 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 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mco-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mco-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MCO correlations · USMV correlations
