ADTN vs IWM: Correlation
Measured on weekly returns over the past three years, ADTRAN Holdings, Inc. (ADTN) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADTN and IWM?
Across a 3-year window, the weekly returns of ADTN and IWM correlate at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.56 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 625.0 %².
In ADTN's tracked universe of 12 assets, IWM sits right near the top at #2. The last year tells two different stories: IWM led by 45.0 percentage points, -16.6% for ADTN against +28.4% for IWM. Risk is not evenly split, since ADTN carries 2.8 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.
ADTN vs IWM: side by side
| ADTN (ADTRAN Holdings, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -16.6% | +28.4% |
| 5-year return | -60.1% | +41.5% |
| Volatility (ann.) | 56.4% | 19.8% |
| Beta vs S&P 500 | 1.55 | 1.06 |
| Max drawdown (3Y) | -61.3% | -27.5% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | ADTN | IWM |
|---|---|---|
| 2022 | -16.3% | -20.5% |
| 2023 | -59.9% | +16.8% |
| 2024 | +13.5% | +11.4% |
| 2025 | +4.3% | +12.7% |
| 2026 | -10.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADTN and IWM good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ADTN and IWM?
As of 2026-08-27, the correlation of weekly returns between ADTN and IWM is 0.56 over 3 years, 0.36 over 1 year and 0.50 over 5 years.
Is IWM a good diversifier for ADTN?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 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/adtn-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adtn-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ADTN correlations · IWM correlations
