MRSH vs USMV: Correlation
How closely do Marsh McLennan (MRSH) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRSH and USMV?
Across a 3-year window, the weekly returns of MRSH and USMV correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 99.3 %².
Within MRSH's tracked universe of 38 assets, USMV comes in at #10 by 3-year correlation. The last year tells two different stories: USMV led by 16.1 percentage points, -6.0% for MRSH against +10.1% for USMV. On a rolling one-year basis the correlation drifted between 0.41 and 0.84, a moderate band. Risk is not evenly split, since MRSH carries 1.8 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.
MRSH vs USMV: side by side
| MRSH (Marsh McLennan) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -6.0% | +10.1% |
| 5-year return | +31.3% | +42.3% |
| Volatility (ann.) | 18.1% | 9.9% |
| Beta vs S&P 500 | 0.33 | 0.51 |
| Max drawdown (3Y) | -34.4% | -9.4% |
| Market cap | $90.7B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 1.91% | 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 | MRSH | USMV |
|---|---|---|
| 2022 | -3.5% | -9.4% |
| 2023 | +16.1% | +10.3% |
| 2024 | +13.7% | +15.7% |
| 2025 | -11.3% | +7.6% |
| 2026 | +4.0% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.9% of USMV is MRSH itself, so the fund partly moves with the stock by construction.
Are MRSH and USMV good diversifiers for each other?
To a limited degree. At 0.55 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 MRSH and USMV?
As of 2026-08-27, the correlation of weekly returns between MRSH and USMV is 0.55 over 3 years, 0.47 over 1 year and 0.71 over 5 years.
Is USMV a good diversifier for MRSH?
To a limited degree. At 0.55 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 0.55 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/mrsh-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrsh-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRSH correlations · USMV correlations
