NRT vs USMV: Correlation
North European Oil Royality Trust (NRT) and iShares MSCI USA Min Vol Factor ETF (USMV) show a negative relationship: their 3-year correlation of weekly returns is -0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRT and USMV?
Across a 3-year window, the weekly returns of NRT and USMV correlate at -0.14, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Stretching to 5 years gives 0.06, with an annualized covariance of -73.6 %².
By 3-year correlation, USMV places #11 of the 62 assets tracked against NRT. Correlation aside, the last 12 months split them widely, with NRT ahead by 75.1 points (+85.2% versus +10.1%). Note the risk asymmetry: NRT runs 5.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NRT vs USMV: side by side
| NRT (North European Oil Royality Trust) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +85.2% | +10.1% |
| 5-year return | +131.5% | +42.3% |
| Volatility (ann.) | 51.6% | 9.9% |
| Beta vs S&P 500 | -0.42 | 0.51 |
| Max drawdown (3Y) | -66.1% | -9.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 11.95% | 1.48% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $23.6B |
| Sector / category | US Listed | 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 | NRT | USMV |
|---|---|---|
| 2022 | +41.9% | -9.4% |
| 2023 | -46.5% | +10.3% |
| 2024 | -25.3% | +15.7% |
| 2025 | +88.4% | +7.6% |
| 2026 | +41.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRT and USMV good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between NRT and USMV?
Using weekly returns as of 2026-08-27: -0.14 over 3 years, with -0.20 over the last year and 0.06 over 5 years.
Is USMV a good diversifier for NRT?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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/nrt-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nrt-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NRT correlations · USMV correlations
