ASG vs IWM: Correlation
How closely do Liberty All-Star Growth Fund, Inc. (ASG) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and IWM?
On 3 years of weekly data the ASG/IWM correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.82 over 3. The 5-year figure is 0.81, and annualized covariance runs at 298.7 %².
Within ASG's tracked universe of 52 assets, IWM comes in at #8 by 3-year correlation. The last year tells two different stories: IWM led by 25.1 percentage points, +3.3% for ASG 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.
ASG vs IWM: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +3.3% | +28.4% |
| 5-year return | -5.6% | +41.5% |
| Volatility (ann.) | 18.3% | 19.8% |
| Beta vs S&P 500 | 1.12 | 1.06 |
| Max drawdown (3Y) | -25.3% | -27.5% |
| Market cap | $0.3B | – |
| P/E (trailing) | 23.9 | – |
| Dividend yield | 8.76% | 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 | ASG | IWM |
|---|---|---|
| 2022 | -40.9% | -20.5% |
| 2023 | +16.2% | +16.8% |
| 2024 | +16.8% | +11.4% |
| 2025 | +2.2% | +12.7% |
| 2026 | +6.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and IWM good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASG and IWM?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.83 over the last year and 0.81 over 5 years.
Is IWM a good diversifier for ASG?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/asg-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asg-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASG correlations · IWM correlations
