SPY vs USMV: Correlation & Overlap
SPDR S&P 500 ETF Trust (SPY) and iShares MSCI USA Min Vol Factor ETF (USMV) show a strong relationship: their 3-year correlation of weekly returns is 0.75. By holdings, the two funds overlap 35.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USMV?
Across a 3-year window, the weekly returns of SPY and USMV correlate at 0.75, strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.75). Stretching to 5 years gives 0.84, with an annualized covariance of 107.1 %².
Among the 4755 assets we track against SPY, USMV ranks #70 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +10.1%, a 10.5-point spread. The rolling one-year correlation moved between 0.52 and 0.88 over the past three years, a moderate range.
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.
SPY vs USMV: side by side
| SPY (SPDR S&P 500 ETF Trust) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +20.6% | +10.1% |
| 5-year return | +82.4% | +42.3% |
| Volatility (ann.) | 14.5% | 9.9% |
| Beta vs S&P 500 | 1.00 | 0.51 |
| Max drawdown (3Y) | -18.8% | -9.4% |
| Dividend yield | 1.01% | 1.48% |
| Expense ratio | 0.09% | 0.15% |
| Assets under management | $795.3B | $23.6B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between SPY and USMV
The two portfolios partially overlap: 35.2% of the funds' weight sits in the same underlying holdings (148 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPY | Weight in USMV |
|---|---|---|
| MSFT | 5.58% | 1.68% |
| BRK.B | 1.40% | 1.41% |
| NVDA | 7.68% | 1.35% |
| XOM | 0.99% | 1.38% |
| JNJ | 0.98% | 1.58% |
| V | 0.96% | 1.02% |
| AVGO | 2.55% | 0.90% |
| AAPL | 6.96% | 0.88% |
| LLY | 1.42% | 0.79% |
| MA | 0.73% | 1.28% |
| MU | 1.60% | 0.71% |
| ABBV | 0.70% | 0.73% |
| CSCO | 0.67% | 1.38% |
| AMD | 1.19% | 0.67% |
| WMT | 0.69% | 0.65% |
Largest positions held only by SPY: GOOGL (3.03%), TSLA (1.47%), JPM (1.44%), INTC (0.66%), BAC (0.61%). Only by USMV: WCN (1.22%), SNOW (0.53%), FWONK (0.51%), ALNY (0.51%), MELI (0.36%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPY | USMV |
|---|---|---|
| 2022 | -18.2% | -9.4% |
| 2023 | +26.2% | +10.3% |
| 2024 | +24.9% | +15.7% |
| 2025 | +17.7% | +7.6% |
| 2026 | +13.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USMV good diversifiers for each other?
To a limited degree. At 0.75 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 SPY and USMV?
The SPY/USMV correlation stands at 0.75 on a 3-year window (1 year: 0.53, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for SPY?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do SPY and USMV overlap?
35.2% by weight, across 148 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · USMV correlations
