MSI vs USMV: Correlation
Measured on weekly returns over the past three years, Motorola Solutions (MSI) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSI and USMV?
On 3 years of weekly data the MSI/USMV correlation comes out at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.59). The 5-year figure is 0.67, and annualized covariance runs at 129.8 %².
Few assets follow MSI as closely as USMV, which ranks #1 of 32 tracked partners. Twelve-month performance is nearly a tie, at +5.9% for MSI and +10.1% for USMV. This link changes with the market regime, having swung between 0.27 and 0.80 on a rolling one-year basis. Risk is not evenly split, since MSI carries 2.2 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.
MSI vs USMV: side by side
| MSI (Motorola Solutions) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +5.9% | +10.1% |
| 5-year return | +111.1% | +42.3% |
| Volatility (ann.) | 22.1% | 9.9% |
| Beta vs S&P 500 | 0.61 | 0.51 |
| Max drawdown (3Y) | -27.0% | -9.4% |
| Market cap | $80.5B | – |
| P/E (trailing) | 38.5 | – |
| Dividend yield | 0.97% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Information Technology | 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 | MSI | USMV |
|---|---|---|
| 2022 | -3.8% | -9.4% |
| 2023 | +23.0% | +10.3% |
| 2024 | +49.1% | +15.7% |
| 2025 | -16.2% | +7.6% |
| 2026 | +27.6% | +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 MSI at a 1.51% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MSI and USMV good diversifiers for each other?
Only partially. A correlation of 0.59 means MSI 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 MSI and USMV?
The MSI/USMV correlation stands at 0.59 on a 3-year window (1 year: 0.46, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for MSI?
Only partially. A correlation of 0.59 means MSI 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 0.59 mean?
On the −1 to +1 scale, 0.59 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/msi-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msi-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSI correlations · USMV correlations
