USMV vs V: Correlation
How closely do iShares MSCI USA Min Vol Factor ETF (USMV) and Visa Inc. (V) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and V?
On 3 years of weekly data the USMV/V correlation comes out at 0.63, strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.63 over 3 years. The 5-year figure is 0.64, and annualized covariance runs at 118.6 %².
Within USMV's tracked universe of 125 assets, V comes in at #35 by 3-year correlation. Neither side won the trailing year by much: +10.1% against +9.2%. Across three years, the rolling one-year figure varied moderately, from 0.38 to 0.85. Note the risk asymmetry: V runs 1.9 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.
USMV vs V: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | V (Visa Inc.) | |
|---|---|---|
| 1-year return | +10.1% | +9.2% |
| 5-year return | +42.3% | +70.5% |
| Volatility (ann.) | 9.9% | 19.1% |
| Beta vs S&P 500 | 0.51 | 0.72 |
| Max drawdown (3Y) | -9.4% | -20.4% |
| Market cap | – | $708.8B |
| P/E (trailing) | – | 32.7 |
| Dividend yield | 1.48% | 0.70% |
| Expense ratio | 0.15% | – |
| Assets under management | $23.6B | – |
| Sector / category | ETF · US Style | Financials |
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 | USMV | V |
|---|---|---|
| 2022 | -9.4% | -3.4% |
| 2023 | +10.3% | +26.3% |
| 2024 | +15.7% | +22.3% |
| 2025 | +7.6% | +11.8% |
| 2026 | +9.1% | +8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that USMV holds V at a 1.02% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are USMV and V good diversifiers for each other?
Only partially. A correlation of 0.63 means USMV and V 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 USMV and V?
As of 2026-08-27, the correlation of weekly returns between USMV and V is 0.63 over 3 years, 0.46 over 1 year and 0.64 over 5 years.
Is V a good diversifier for USMV?
Only partially. A correlation of 0.63 means USMV and V share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usmv-vs-v.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/usmv-vs-v/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: USMV correlations · V correlations
