ASO vs IWM: Correlation
Academy Sports and Outdoors, Inc. (ASO) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and IWM?
Across a 3-year window, the weekly returns of ASO and IWM correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.53, with an annualized covariance of 434.4 %².
Few assets follow ASO as closely as IWM, which ranks #3 of 16 tracked partners. The last year tells two different stories: IWM led by 51.9 percentage points, -23.5% for ASO against +28.4% for IWM. Risk is not evenly split, since ASO carries 2.0 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.
ASO vs IWM: side by side
| ASO (Academy Sports and Outdoors, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -23.5% | +28.4% |
| 5-year return | +2.0% | +41.5% |
| Volatility (ann.) | 39.7% | 19.8% |
| Beta vs S&P 500 | 1.26 | 1.06 |
| Max drawdown (3Y) | -54.2% | -27.5% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 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 | ASO | IWM |
|---|---|---|
| 2022 | +20.6% | -20.5% |
| 2023 | +26.4% | +16.8% |
| 2024 | -12.2% | +11.4% |
| 2025 | -12.2% | +12.7% |
| 2026 | -14.2% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ASO represents 0.09% of IWM's portfolio, so part of any move in IWM is ASO itself, and the correlation between them is partly mechanical.
Are ASO and IWM good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASO and IWM?
The ASO/IWM correlation stands at 0.55 on a 3-year window (1 year: 0.49, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for ASO?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/aso-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aso-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASO correlations · IWM correlations
