Metabolic Syndrome (MetS) and its risk factors are predictors of cardiovascular events. MetS is also directly associated with echocardiographic (ECHO) phenotypes. The current study is the first to investigate factors associated with both MetS risk factors and echocardiographic phenotypes and to assess their heritability. Multivariate factor analysis (FA) was performed on 15 traits in 1,393 African Americans and 1,133 Caucasians, as well as stratified by type 2 diabetes mellitus (DM) status. FA with Varimax rotation established four to five latent factors across ethnicities and DM stratifications. Among MetS risk factors, BP was most highly correlated with cardiac traits. The factor domains, ordered by the proportion of variance explained, were “LV wall thickness,” “LV geometry,” “BP,” “body mass index-insulin,” and “lipid-insulin.” FA without any rotation identified special (cross domain) MetS-ECHO factors, “BP-LV geometry” and “BP-LV dimension-wall thickness” in Caucasians. Of the total original risk factors variance, 50%–57% of it was explained by the latent factors. Heritabilities were highest for body mass index-insulin (37–53%), lowest for “BP” factors (15–27%) and intermediate for MetS-ECHO factors. These identified latent factors can be utilized as summary phenotypes in epidemiological, linkage and association studies.