AIP vs IWM: Correlation
How closely do Arteris, Inc. (AIP) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIP and IWM?
On 3 years of weekly data the AIP/IWM correlation comes out at 0.61, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.61). The 5-year figure is 0.52, and annualized covariance runs at 788.9 %².
IWM is one of the assets that tracks AIP most closely: it ranks #1 out of the 13 assets we track against AIP. The last year tells two different stories: AIP led by 115.0 percentage points, +143.4% for AIP against +28.4% for IWM. Risk is not evenly split, since AIP carries 3.3 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.
AIP vs IWM: side by side
| AIP (Arteris, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +143.4% | +28.4% |
| 5-year return | +29.7% | +41.5% |
| Volatility (ann.) | 65.6% | 19.8% |
| Beta vs S&P 500 | 2.01 | 1.06 |
| Max drawdown (3Y) | -54.5% | -27.5% |
| Market cap | $1.2B | – |
| 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 | AIP | IWM |
|---|---|---|
| 2022 | -79.6% | -20.5% |
| 2023 | +37.0% | +16.8% |
| 2024 | +73.0% | +11.4% |
| 2025 | +52.1% | +12.7% |
| 2026 | +52.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIP and IWM good diversifiers for each other?
Only partially. A correlation of 0.61 means AIP and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AIP and IWM?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.49 over the last year and 0.52 over 5 years.
Is IWM a good diversifier for AIP?
Only partially. A correlation of 0.61 means AIP and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/aip-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aip-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIP correlations · IWM correlations
