AIT vs IWM: Correlation
Measured on weekly returns over the past three years, Applied Industrial Technologies, Inc. (AIT) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and IWM?
Across a 3-year window, the weekly returns of AIT and IWM correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 344.6 %².
By 3-year correlation, IWM places #4 of the 26 assets tracked against AIT. Their 12-month results are close: +26.9% for AIT against +28.4% for IWM.
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.
AIT vs IWM: side by side
| AIT (Applied Industrial Technologies, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +26.9% | +28.4% |
| 5-year return | +291.4% | +41.5% |
| Volatility (ann.) | 26.0% | 19.8% |
| Beta vs S&P 500 | 1.03 | 1.06 |
| Max drawdown (3Y) | -26.4% | -27.5% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 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 | AIT | IWM |
|---|---|---|
| 2022 | +24.2% | -20.5% |
| 2023 | +38.4% | +16.8% |
| 2024 | +39.7% | +11.4% |
| 2025 | +8.0% | +12.7% |
| 2026 | +32.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and IWM good diversifiers for each other?
Only partially. A correlation of 0.67 means AIT 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 AIT and IWM?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.58 over the last year and 0.65 over 5 years.
Is IWM a good diversifier for AIT?
Only partially. A correlation of 0.67 means AIT 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 0.67 mean?
A reading of 0.67 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/ait-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ait-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AIT correlations · IWM correlations
