USMV vs VTV: Correlation & Overlap
iShares MSCI USA Min Vol Factor ETF (USMV) and Vanguard Value ETF (VTV) show a very strong relationship: their 3-year correlation of weekly returns is 0.85. By holdings, the two funds overlap 32.7% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VTV?
Over the past 3 years, USMV and VTV moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.63 versus 0.85 over 3 years. Over 5 years the correlation is 0.88, and the annualized covariance of weekly returns is 101.0 %².
By 3-year correlation, VTV places #5 of the 125 assets tracked against USMV. The last year tells two different stories: VTV led by 15.6 percentage points, +10.1% for USMV against +25.7% for VTV. Across three years, the rolling one-year figure varied moderately, from 0.65 to 0.94.
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 VTV: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +10.1% | +25.7% |
| 5-year return | +42.3% | +79.1% |
| Volatility (ann.) | 9.9% | 11.9% |
| Beta vs S&P 500 | 0.51 | 0.65 |
| Max drawdown (3Y) | -9.4% | -14.5% |
| Dividend yield | 1.48% | 1.86% |
| Expense ratio | 0.15% | 0.03% |
| Assets under management | $23.6B | $256.4B |
| Sector / category | ETF · US Style | 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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between USMV and VTV
The two portfolios partially overlap: 32.7% of the funds' weight sits in the same underlying holdings (93 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in USMV | Weight in VTV |
|---|---|---|
| JNJ | 1.58% | 2.30% |
| BRK.B | 1.41% | 2.99% |
| CSCO | 1.38% | 1.53% |
| XOM | 1.38% | 2.40% |
| MRK | 1.54% | 1.20% |
| KO | 1.28% | 1.12% |
| PG | 1.02% | 1.25% |
| IBM | 1.03% | 0.78% |
| ABBV | 0.73% | 1.65% |
| PEP | 0.85% | 0.71% |
| MU | 0.71% | 3.46% |
| ABT | 0.78% | 0.69% |
| VZ | 1.46% | 0.66% |
| WMT | 0.65% | 1.82% |
| LIN | 0.63% | 0.82% |
Largest positions held only by USMV: MSFT (1.68%), VRTX (1.63%), WELL (1.57%), APH (1.54%), MSI (1.51%). Only by VTV: JPM (3.51%), BAC (1.47%), CAT (1.40%), GS (1.06%), WFC (0.99%).
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 | VTV |
|---|---|---|
| 2022 | -9.4% | -2.1% |
| 2023 | +10.3% | +9.3% |
| 2024 | +15.7% | +16.0% |
| 2025 | +7.6% | +15.3% |
| 2026 | +9.1% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VTV good diversifiers for each other?
No: a correlation of 0.85 means USMV and VTV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between USMV and VTV?
As of 2026-08-27, the correlation of weekly returns between USMV and VTV is 0.85 over 3 years, 0.63 over 1 year and 0.88 over 5 years.
Is VTV a good diversifier for USMV?
No: a correlation of 0.85 means USMV and VTV tend to fall together, which is precisely when diversification is supposed to help.
How much do USMV and VTV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 32.7% by weight over 93 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usmv-vs-vtv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/usmv-vs-vtv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: USMV correlations · VTV correlations
