APG vs IWM: Correlation
How closely do APi Group Corporation (APG) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APG and IWM?
Over the past 3 years, APG and IWM moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 341.1 %².
Within APG's tracked universe of 12 assets, IWM comes in at #5 by 3-year correlation. Over the last 12 months IWM came out ahead by 14.9 percentage points (+13.5% against +28.4%).
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.
APG vs IWM: side by side
| APG (APi Group Corporation) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +13.5% | +28.4% |
| 5-year return | +165.2% | +41.5% |
| Volatility (ann.) | 27.2% | 19.8% |
| Beta vs S&P 500 | 1.14 | 1.06 |
| Max drawdown (3Y) | -22.2% | -27.5% |
| Market cap | $17.8B | – |
| 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 | APG | IWM |
|---|---|---|
| 2022 | -27.0% | -20.5% |
| 2023 | +83.9% | +16.8% |
| 2024 | +4.0% | +11.4% |
| 2025 | +59.5% | +12.7% |
| 2026 | +7.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APG and IWM good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APG and IWM?
The APG/IWM correlation stands at 0.63 on a 3-year window (1 year: 0.54, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for APG?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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/apg-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apg-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APG correlations · IWM correlations
