AAMI vs IWM: Correlation
How closely do Acadian Asset Management Inc. (AAMI) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAMI and IWM?
Over the past 3 years, AAMI and IWM moved with a correlation of 0.59, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.59 over 3 years. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 387.9 %².
IWM is one of the assets that tracks AAMI most closely: it ranks #3 out of the 12 assets we track against AAMI. Correlation aside, the last 12 months split them widely, with AAMI ahead by 64.5 points (+92.9% versus +28.4%). Note the risk asymmetry: AAMI runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AAMI vs IWM: side by side
| AAMI (Acadian Asset Management Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +92.9% | +28.4% |
| 5-year return | +260.9% | +41.5% |
| Volatility (ann.) | 33.4% | 19.8% |
| Beta vs S&P 500 | 1.30 | 1.06 |
| Max drawdown (3Y) | -26.5% | -27.5% |
| Market cap | $3.5B | – |
| P/E (trailing) | 33.8 | – |
| Dividend yield | 0.32% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | AAMI | IWM |
|---|---|---|
| 2022 | -19.4% | -20.5% |
| 2023 | -6.7% | +16.8% |
| 2024 | +37.7% | +11.4% |
| 2025 | +78.6% | +12.7% |
| 2026 | +107.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AAMI represents 0.09% of IWM's portfolio, so part of any move in IWM is AAMI itself, and the correlation between them is partly mechanical.
Are AAMI and IWM good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AAMI and IWM?
The AAMI/IWM correlation stands at 0.59 on a 3-year window (1 year: 0.42, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for AAMI?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aami-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aami-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAMI correlations · IWM correlations
