USMV vs VXZ: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Min Vol Factor ETF (USMV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.63, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and VXZ?
Across a 3-year window, the weekly returns of USMV and VXZ correlate at -0.63, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.51) than the 3-year average (-0.63). Stretching to 5 years gives -0.59, with an annualized covariance of -160.8 %².
Among the 125 assets we track against USMV, VXZ sits near the bottom by co-movement, at rank #125. The last year tells two different stories: USMV led by 26.2 percentage points, +10.1% for USMV against -16.1% for VXZ. Risk is not evenly split, since VXZ carries 2.6 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 VXZ: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.1% | -16.1% |
| 5-year return | +42.3% | -53.1% |
| Volatility (ann.) | 9.9% | 25.6% |
| Beta vs S&P 500 | 0.51 | -1.31 |
| Max drawdown (3Y) | -9.4% | -36.4% |
| Dividend yield | 1.48% | – |
| 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 | VXZ |
|---|---|---|
| 2022 | -9.4% | +0.5% |
| 2023 | +10.3% | -44.0% |
| 2024 | +15.7% | -12.7% |
| 2025 | +7.6% | +5.7% |
| 2026 | +9.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USMV and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
FAQ
What is the correlation between USMV and VXZ?
The USMV/VXZ correlation stands at -0.63 on a 3-year window (1 year: -0.51, 5 years: -0.59), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for USMV?
By historical standards, yes. A correlation of -0.63 means the two rarely move for the same reasons.
What does a correlation of -0.63 mean?
A reading of -0.63 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/usmv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: USMV correlations · VXZ correlations
