PGR vs USMV: Correlation
Progressive Corporation (PGR) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGR and USMV?
Over the past 3 years, PGR and USMV moved with a correlation of 0.51, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.51 over 3 years. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 119.5 %².
By 3-year correlation, USMV places #9 of the 36 assets tracked against PGR. Correlation aside, the last 12 months split them widely, with USMV ahead by 15.4 points (-5.3% versus +10.1%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.11 and 0.75 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since PGR carries 2.4 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.
PGR vs USMV: side by side
| PGR (Progressive Corporation) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -5.3% | +10.1% |
| 5-year return | +153.0% | +42.3% |
| Volatility (ann.) | 23.6% | 9.9% |
| Beta vs S&P 500 | 0.32 | 0.51 |
| Max drawdown (3Y) | -30.4% | -9.4% |
| Market cap | $126.5B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 0.18% | 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 | PGR | USMV |
|---|---|---|
| 2022 | +26.8% | -9.4% |
| 2023 | +23.2% | +10.3% |
| 2024 | +51.4% | +15.7% |
| 2025 | -3.0% | +7.6% |
| 2026 | +1.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
PGR represents 0.7% of USMV's portfolio, so part of any move in USMV is PGR itself, and the correlation between them is partly mechanical.
Are PGR and USMV good diversifiers for each other?
To a limited degree. At 0.51 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 PGR and USMV?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.39 over the last year and 0.49 over 5 years.
Is USMV a good diversifier for PGR?
To a limited degree. At 0.51 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 0.51 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/pgr-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pgr-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PGR correlations · USMV correlations
