TW vs USMV: Correlation
How closely do Tradeweb Markets Inc. (TW) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TW and USMV?
On 3 years of weekly data the TW/USMV correlation comes out at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 81.3 %².
Among the 11 assets we track against TW, USMV ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USMV outperformed by 24.0 percentage points (-13.9% for TW against +10.1% for USMV). One caveat on sizing: TW is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TW vs USMV: side by side
| TW (Tradeweb Markets Inc.) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | -13.9% | +10.1% |
| 5-year return | +24.2% | +42.3% |
| Volatility (ann.) | 23.1% | 9.9% |
| Beta vs S&P 500 | 0.39 | 0.51 |
| Max drawdown (3Y) | -38.3% | -9.4% |
| Market cap | $23.4B | – |
| P/E (trailing) | 25.6 | – |
| Dividend yield | 0.48% | 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 | TW | USMV |
|---|---|---|
| 2022 | -34.9% | -9.4% |
| 2023 | +40.6% | +10.3% |
| 2024 | +44.6% | +15.7% |
| 2025 | -17.5% | +7.6% |
| 2026 | +0.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TW represents 0.14% of USMV's portfolio, so part of any move in USMV is TW itself, and the correlation between them is partly mechanical.
Are TW and USMV good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TW and USMV?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.30 over the last year and 0.49 over 5 years.
Is USMV a good diversifier for TW?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 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/tw-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tw-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TW correlations · USMV correlations
