ALTG vs IWM: Correlation
Measured on weekly returns over the past three years, Alta Equipment Group Inc. (ALTG) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALTG and IWM?
On 3 years of weekly data the ALTG/IWM correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.59 over 3. The 5-year figure is 0.59, and annualized covariance runs at 765.4 %².
IWM is one of the assets that tracks ALTG most closely: it ranks #2 out of the 12 assets we track against ALTG. Correlation aside, the last 12 months split them widely, with IWM ahead by 54.3 points (-25.9% versus +28.4%). Risk is not evenly split, since ALTG 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.
ALTG vs IWM: side by side
| ALTG (Alta Equipment Group Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -25.9% | +28.4% |
| 5-year return | -50.0% | +41.5% |
| Volatility (ann.) | 65.4% | 19.8% |
| Beta vs S&P 500 | 2.11 | 1.06 |
| Max drawdown (3Y) | -71.8% | -27.5% |
| Market cap | $0.2B | – |
| 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 | ALTG | IWM |
|---|---|---|
| 2022 | -9.1% | -20.5% |
| 2023 | -4.7% | +16.8% |
| 2024 | -45.5% | +11.4% |
| 2025 | -28.4% | +12.7% |
| 2026 | +34.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALTG 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 ALTG and IWM?
As of 2026-08-27, the correlation of weekly returns between ALTG and IWM is 0.59 over 3 years, 0.56 over 1 year and 0.59 over 5 years.
Is IWM a good diversifier for ALTG?
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/altg-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/altg-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALTG correlations · IWM correlations
