SPYV vs USMV: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and iShares MSCI USA Min Vol Factor ETF (USMV) show a very strong relationship: their 3-year correlation of weekly returns is 0.86. The two funds also share 32.0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and USMV?
Over the past 3 years, SPYV and USMV moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.71) than the 3-year average (0.86). Over 5 years the correlation is 0.88, and the annualized covariance of weekly returns is 103.9 %².
By 3-year correlation, USMV places #12 of the 148 assets tracked against SPYV. Over the last 12 months SPYV came out ahead by 8.4 percentage points (+18.5% against +10.1%). Stability stands out here, with the rolling one-year correlation confined to 0.73 through 0.93.
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.
SPYV vs USMV: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +18.5% | +10.1% |
| 5-year return | +73.5% | +42.3% |
| Volatility (ann.) | 12.1% | 9.9% |
| Beta vs S&P 500 | 0.70 | 0.51 |
| Max drawdown (3Y) | -17.5% | -9.4% |
| Dividend yield | 1.69% | 1.48% |
| Expense ratio | 0.04% | 0.15% |
| Assets under management | $36.2B | $23.6B |
| Sector / category | ETF · US Style | ETF · US Style |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% 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 SPYV and USMV
The two portfolios partially overlap. Weighing the shared positions, 32.0% of the two funds is identical, spread across 116 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SPYV | Weight in USMV |
|---|---|---|
| XOM | 2.16% | 1.38% |
| MRK | 1.25% | 1.54% |
| PG | 1.11% | 1.02% |
| V | 0.94% | 1.02% |
| AAPL | 7.58% | 0.88% |
| JNJ | 0.88% | 1.58% |
| ABBV | 0.83% | 0.73% |
| VZ | 0.69% | 1.46% |
| CSCO | 0.69% | 1.38% |
| TXN | 0.78% | 0.68% |
| KO | 0.67% | 1.28% |
| ABT | 0.65% | 0.78% |
| WMT | 1.51% | 0.65% |
| PEP | 0.64% | 0.85% |
| LIN | 0.75% | 0.63% |
Largest positions held only by SPYV: INTC (1.44%), BAC (1.34%), TSLA (1.22%), JPM (1.01%), WFC (0.86%). Only by USMV: MSFT (1.68%), NEM (1.65%), WELL (1.57%), APH (1.54%), BRK.B (1.41%).
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 | SPYV | USMV |
|---|---|---|
| 2022 | -5.3% | -9.4% |
| 2023 | +22.2% | +10.3% |
| 2024 | +12.2% | +15.7% |
| 2025 | +13.2% | +7.6% |
| 2026 | +12.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and USMV good diversifiers for each other?
No: a correlation of 0.86 means SPYV and USMV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SPYV and USMV?
As of 2026-08-27, the correlation of weekly returns between SPYV and USMV is 0.86 over 3 years, 0.71 over 1 year and 0.88 over 5 years.
Is USMV a good diversifier for SPYV?
No: a correlation of 0.86 means SPYV and USMV tend to fall together, which is precisely when diversification is supposed to help.
How much do SPYV and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 32.0% by weight over 116 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spyv-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spyv-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPYV correlations · USMV correlations
