NSC vs USMV: Correlation
Norfolk Southern (NSC) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and USMV?
Over the past 3 years, NSC and USMV moved with a correlation of 0.56, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.56 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 122.7 %².
Within NSC's tracked universe of 32 assets, USMV comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NSC outperformed by 19.9 percentage points (+30.0% for NSC against +10.1% for USMV). Across three years, the rolling one-year figure varied moderately, from 0.29 to 0.77. Note the risk asymmetry: NSC runs 2.2 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.
NSC vs USMV: side by side
| NSC (Norfolk Southern) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +30.0% | +10.1% |
| 5-year return | +49.6% | +42.3% |
| Volatility (ann.) | 22.0% | 9.9% |
| Beta vs S&P 500 | 0.69 | 0.51 |
| Max drawdown (3Y) | -25.1% | -9.4% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.53% | 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 | NSC | USMV |
|---|---|---|
| 2022 | -15.6% | -9.4% |
| 2023 | -1.6% | +10.3% |
| 2024 | +1.6% | +15.7% |
| 2025 | +25.6% | +7.6% |
| 2026 | +22.0% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NSC and USMV good diversifiers for each other?
Only partially. A correlation of 0.56 means NSC 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 NSC and USMV?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.27 over the last year and 0.57 over 5 years.
Is USMV a good diversifier for NSC?
Only partially. A correlation of 0.56 means NSC 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 0.56 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/nsc-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nsc-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NSC correlations · USMV correlations
