USMV vs WM: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Min Vol Factor ETF (USMV) and Waste Management (WM) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USMV and WM?
Across a 3-year window, the weekly returns of USMV and WM correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 68.5 %².
By 3-year correlation, WM places #108 of the 125 assets tracked against USMV. The trailing year gives USMV the advantage: +10.1% versus -2.0%, a 12.1-point spread. The rolling one-year correlation moved between 0.26 and 0.63 over the past three years, a moderate range. Risk is not evenly split, since WM carries 1.8 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 WM: side by side
| USMV (iShares MSCI USA Min Vol Factor ETF) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +10.1% | -2.0% |
| 5-year return | +42.3% | +51.8% |
| Volatility (ann.) | 9.9% | 18.3% |
| Beta vs S&P 500 | 0.51 | 0.07 |
| Max drawdown (3Y) | -9.4% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 1.48% | 1.60% |
| Expense ratio | 0.15% | – |
| Assets under management | $23.6B | – |
| Sector / category | ETF · US Style | Industrials |
USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Year-by-year returns
| Year | USMV | WM |
|---|---|---|
| 2022 | -9.4% | -4.5% |
| 2023 | +10.3% | +16.2% |
| 2024 | +15.7% | +14.3% |
| 2025 | +7.6% | +10.5% |
| 2026 | +9.1% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that USMV holds WM at a 1.31% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are USMV and WM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between USMV and WM?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.36 over the last year and 0.52 over 5 years.
Is WM a good diversifier for USMV?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usmv-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/usmv-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USMV correlations · WM correlations
