USMV vs VOO: Correlation & Overlap
iShares MSCI USA Min Vol Factor ETF (USMV) and Vanguard S&P 500 ETF (VOO) show a strong relationship: their 3-year correlation of weekly returns is 0.75. By holdings, the two funds overlap 34.8% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VOO?
Across a 3-year window, the weekly returns of USMV and VOO correlate at 0.75, strong. The past 12 months show a weaker link (0.53) than the 3-year average (0.75). Stretching to 5 years gives 0.84, with an annualized covariance of 106.5 %².
By 3-year correlation, VOO places #16 of the 125 assets tracked against USMV. Over the last 12 months VOO came out ahead by 10.5 percentage points (+10.1% against +20.6%). On a rolling one-year basis the correlation drifted between 0.52 and 0.89, a moderate band.
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 VOO: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +10.1% | +20.6% |
| 5-year return | +42.3% | +83.0% |
| Volatility (ann.) | 9.9% | 14.4% |
| Beta vs S&P 500 | 0.51 | 0.99 |
| Max drawdown (3Y) | -9.4% | -18.7% |
| Dividend yield | 1.48% | 1.07% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $23.6B | $1,686.9B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between USMV and VOO
The two portfolios partially overlap: 34.8% 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 USMV | Weight in VOO |
|---|---|---|
| MSFT | 1.68% | 5.37% |
| BRK.B | 1.41% | 1.46% |
| NVDA | 1.35% | 7.56% |
| XOM | 1.38% | 1.00% |
| JNJ | 1.58% | 0.96% |
| V | 1.02% | 0.93% |
| AVGO | 0.90% | 2.87% |
| AAPL | 0.88% | 7.05% |
| LLY | 0.79% | 1.41% |
| MA | 1.28% | 0.72% |
| CSCO | 1.38% | 0.71% |
| MU | 0.71% | 1.44% |
| ABBV | 0.73% | 0.69% |
| AMD | 0.67% | 1.21% |
| WMT | 0.65% | 0.76% |
Largest positions held only by USMV: WCN (1.22%), SNOW (0.53%), FWONK (0.51%), ALNY (0.51%), MELI (0.36%). Only by VOO: GOOGL (3.25%), JPM (1.47%), TSLA (1.36%), INTC (0.66%), BAC (0.63%).
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 | USMV | VOO |
|---|---|---|
| 2022 | -9.4% | -18.2% |
| 2023 | +10.3% | +26.3% |
| 2024 | +15.7% | +25.0% |
| 2025 | +7.6% | +17.8% |
| 2026 | +9.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VOO 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 USMV and VOO?
As of 2026-08-27, the correlation of weekly returns between USMV and VOO is 0.75 over 3 years, 0.53 over 1 year and 0.84 over 5 years.
Is VOO a good diversifier for USMV?
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 USMV and VOO overlap?
34.8% by weight, across 148 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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