USMV vs VTI: Correlation & Overlap
iShares MSCI USA Min Vol Factor ETF (USMV) and Vanguard Total Stock Market ETF (VTI) show a strong relationship: their 3-year correlation of weekly returns is 0.76. Looking through to holdings, 33.0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VTI?
Over the past 3 years, USMV and VTI moved with a correlation of 0.76, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.55 versus 0.76 over 3 years. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 110.4 %².
Among the 125 assets we track against USMV, VTI ranks #14 by 3-year correlation. Over the last 12 months VTI came out ahead by 10.6 percentage points (+10.1% against +20.7%). On a rolling one-year basis the correlation drifted between 0.55 and 0.87, 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 VTI: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VTI (Vanguard Total Stock Market ETF) | |
|---|---|---|
| 1-year return | +10.1% | +20.7% |
| 5-year return | +42.3% | +74.8% |
| Volatility (ann.) | 9.9% | 14.6% |
| Beta vs S&P 500 | 0.51 | 1.01 |
| Max drawdown (3Y) | -9.4% | -19.3% |
| Dividend yield | 1.48% | 1.06% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $23.6B | $2,290.0B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
On the fund side, USMV sits in the Large Blend category at iShares, with $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield. VTI, Vanguard's Large Blend fund, carries $2,290.0B under management, 3140 holdings, a 0.03% expense ratio, a 1.06% trailing dividend yield.
Portfolio overlap between USMV and VTI
The two portfolios partially overlap: 33.0% of the funds' weight sits in the same underlying holdings (163 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in USMV | Weight in VTI |
|---|---|---|
| MSFT | 1.68% | 4.80% |
| NVDA | 1.35% | 6.42% |
| BRK.B | 1.41% | 1.28% |
| AVGO | 0.90% | 2.56% |
| XOM | 1.38% | 0.90% |
| AAPL | 0.88% | 6.31% |
| JNJ | 1.58% | 0.86% |
| V | 1.02% | 0.83% |
| LLY | 0.79% | 1.36% |
| MU | 0.71% | 1.29% |
| AMD | 0.67% | 1.08% |
| WMT | 0.65% | 0.68% |
| MA | 1.28% | 0.63% |
| ABBV | 0.73% | 0.62% |
| CSCO | 1.38% | 0.57% |
Largest positions held only by USMV: MELI (0.36%). Only by VTI: GOOGL (2.91%), JPM (1.31%), TSLA (1.22%), BAC (0.55%), GE (0.52%).
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 | VTI |
|---|---|---|
| 2022 | -9.4% | -19.5% |
| 2023 | +10.3% | +26.0% |
| 2024 | +15.7% | +23.8% |
| 2025 | +7.6% | +17.1% |
| 2026 | +9.1% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VTI good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between USMV and VTI?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.55 over the last year and 0.84 over 5 years.
Is VTI a good diversifier for USMV?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do USMV and VTI overlap?
The two funds share 163 holdings amounting to 33.0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Hubs: USMV correlations · VTI correlations
