NOC vs USMV: Correlation
Northrop Grumman (NOC) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOC and USMV?
Over the past 3 years, NOC and USMV moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 94.9 %².
Within NOC's tracked universe of 30 assets, USMV comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with USMV ahead by 15.7 points (-5.6% versus +10.1%). The rolling one-year correlation moved between 0.11 and 0.55 over the past three years, a moderate range. One caveat on sizing: NOC is 2.7 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.
NOC vs USMV: side by side
| NOC (Northrop Grumman) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -5.6% | +10.1% |
| 5-year return | +60.1% | +42.3% |
| Volatility (ann.) | 26.7% | 9.9% |
| Beta vs S&P 500 | 0.24 | 0.51 |
| Max drawdown (3Y) | -35.1% | -9.4% |
| Market cap | $77.4B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 1.71% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | Industrials | 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 | NOC | USMV |
|---|---|---|
| 2022 | +43.0% | -9.4% |
| 2023 | -12.8% | +10.3% |
| 2024 | +1.9% | +15.7% |
| 2025 | +23.6% | +7.6% |
| 2026 | -3.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NOC represents 0.75% of USMV's portfolio, so part of any move in USMV is NOC itself, and the correlation between them is partly mechanical.
Are NOC and USMV good diversifiers for each other?
Reasonably. At 0.36, NOC and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NOC and USMV?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.43 over the last year and 0.35 over 5 years.
Is USMV a good diversifier for NOC?
Reasonably. At 0.36, NOC and USMV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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/noc-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/noc-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOC correlations · USMV correlations
