APAM vs IWM: Correlation
Artisan Partners Asset Management Inc. (APAM) and iShares Russell 2000 ETF (IWM) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APAM and IWM?
On 3 years of weekly data the APAM/IWM correlation comes out at 0.71, strong. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.71). The 5-year figure is 0.72, and annualized covariance runs at 382.4 %².
Among the 17 assets we track against APAM, IWM ranks #5 by 3-year correlation. The last year tells two different stories: IWM led by 27.2 percentage points, +1.2% for APAM 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.
APAM vs IWM: side by side
| APAM (Artisan Partners Asset Management Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +1.2% | +28.4% |
| 5-year return | +28.1% | +41.5% |
| Volatility (ann.) | 27.0% | 19.8% |
| Beta vs S&P 500 | 1.14 | 1.06 |
| Max drawdown (3Y) | -28.9% | -27.5% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 7.95% | 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 | APAM | IWM |
|---|---|---|
| 2022 | -31.3% | -20.5% |
| 2023 | +60.3% | +16.8% |
| 2024 | +4.8% | +11.4% |
| 2025 | +2.7% | +12.7% |
| 2026 | +15.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
APAM represents 0.09% of IWM's portfolio, so part of any move in IWM is APAM itself, and the correlation between them is partly mechanical.
Are APAM and IWM good diversifiers for each other?
Only partially. A correlation of 0.71 means APAM 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 APAM and IWM?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.41 over the last year and 0.72 over 5 years.
Is IWM a good diversifier for APAM?
Only partially. A correlation of 0.71 means APAM 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 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apam-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apam-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APAM correlations · IWM correlations
