ARAY vs IWM: Correlation
Accuray Incorporated (ARAY) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARAY and IWM?
Over the past 3 years, ARAY and IWM moved with a correlation of 0.43, which is moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 620.2 %².
In ARAY's tracked universe of 10 assets, IWM sits right near the top at #3. The last year tells two different stories: IWM led by 111.7 percentage points, -83.3% for ARAY against +28.4% for IWM. Risk is not evenly split, since ARAY carries 3.7 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.
ARAY vs IWM: side by side
| ARAY (Accuray Incorporated) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -83.3% | +28.4% |
| 5-year return | -93.4% | +41.5% |
| Volatility (ann.) | 73.2% | 19.8% |
| Beta vs S&P 500 | 1.77 | 1.06 |
| Max drawdown (3Y) | -92.5% | -27.5% |
| Market cap | – | – |
| 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 | ARAY | IWM |
|---|---|---|
| 2022 | -56.2% | -20.5% |
| 2023 | +35.4% | +16.8% |
| 2024 | -30.0% | +11.4% |
| 2025 | -58.6% | +12.7% |
| 2026 | -68.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARAY and IWM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ARAY and IWM?
As of 2026-08-27, the correlation of weekly returns between ARAY and IWM is 0.43 over 3 years, 0.33 over 1 year and 0.48 over 5 years.
Is IWM a good diversifier for ARAY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/aray-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aray-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARAY correlations · IWM correlations
