USMV vs VELO: Correlation
iShares MSCI USA Min Vol Factor ETF (USMV) and Velo3D, Inc. (VELO) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VELO?
On 3 years of weekly data the USMV/VELO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.13) runs above the 3-year figure (-0.21). The 5-year figure is -0.04, and annualized covariance runs at -517.2 %².
Among the 125 assets we track against USMV, VELO sits near the bottom by co-movement, at rank #122. The last year tells two different stories: VELO led by 171.8 percentage points, +10.1% for USMV against +181.9% for VELO. Risk is not evenly split, since VELO carries 25.2 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.
USMV vs VELO: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +10.1% | +181.9% |
| 5-year return | +42.3% | -99.8% |
| Volatility (ann.) | 9.9% | 249.0% |
| Beta vs S&P 500 | 0.51 | -2.66 |
| Max drawdown (3Y) | -9.4% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.48% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $23.6B | – |
| Sector / category | ETF · US Style | US Listed |
USMV is a Large Blend fund from iShares: $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | USMV | VELO |
|---|---|---|
| 2022 | -9.4% | -77.1% |
| 2023 | +10.3% | -77.8% |
| 2024 | +15.7% | -95.2% |
| 2025 | +7.6% | +35.7% |
| 2026 | +9.1% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VELO good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between USMV and VELO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with 0.13 over the last year and -0.04 over 5 years.
Is VELO a good diversifier for USMV?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usmv-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/usmv-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USMV correlations · VELO correlations
