APYX vs IWM: Correlation
How closely do Apyx Medical Corporation (APYX) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APYX and IWM?
Over the past 3 years, APYX and IWM moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 628.9 %².
Among the 10 assets we track against APYX, IWM ranks #4 by 3-year correlation. The last year tells two different stories: APYX led by 23.1 percentage points, +51.5% for APYX against +28.4% for IWM. Risk is not evenly split, since APYX carries 4.3 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.
APYX vs IWM: side by side
| APYX (Apyx Medical Corporation) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +51.5% | +28.4% |
| 5-year return | -73.8% | +41.5% |
| Volatility (ann.) | 85.7% | 19.8% |
| Beta vs S&P 500 | 1.70 | 1.06 |
| Max drawdown (3Y) | -81.6% | -27.5% |
| Market cap | $0.1B | – |
| 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 | APYX | IWM |
|---|---|---|
| 2022 | -81.7% | -20.5% |
| 2023 | +12.0% | +16.8% |
| 2024 | -39.7% | +11.4% |
| 2025 | +121.5% | +12.7% |
| 2026 | -14.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APYX and IWM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APYX and IWM?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with -0.05 over the last year and 0.32 over 5 years.
Is IWM a good diversifier for APYX?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/apyx-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apyx-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APYX correlations · IWM correlations
