AMWL vs IWM: Correlation
How closely do American Well Corporation (AMWL) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMWL and IWM?
On 3 years of weekly data the AMWL/IWM correlation comes out at 0.50, moderate. The past 12 months show a weaker link (0.37) than the 3-year average (0.50). The 5-year figure is 0.52, and annualized covariance runs at 787.4 %².
By 3-year correlation, IWM places #4 of the 10 assets tracked against AMWL. The last year tells two different stories: AMWL led by 40.7 percentage points, +69.1% for AMWL against +28.4% for IWM. One caveat on sizing: AMWL is 4.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AMWL vs IWM: side by side
| AMWL (American Well Corporation) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +69.1% | +28.4% |
| 5-year return | -94.4% | +41.5% |
| Volatility (ann.) | 78.9% | 19.8% |
| Beta vs S&P 500 | 2.13 | 1.06 |
| Max drawdown (3Y) | -88.0% | -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 | AMWL | IWM |
|---|---|---|
| 2022 | -53.1% | -20.5% |
| 2023 | -47.3% | +16.8% |
| 2024 | -75.7% | +11.4% |
| 2025 | -32.3% | +12.7% |
| 2026 | +139.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMWL and IWM good diversifiers for each other?
Only partially. A correlation of 0.50 means AMWL 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 AMWL and IWM?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.37 over the last year and 0.52 over 5 years.
Is IWM a good diversifier for AMWL?
Only partially. A correlation of 0.50 means AMWL 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 0.50 mean?
A reading of 0.50 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/amwl-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amwl-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMWL correlations · IWM correlations
