BHVN vs IWM: Correlation
How closely do Biohaven Ltd. (BHVN) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHVN and IWM?
Across a 3-year window, the weekly returns of BHVN and IWM correlate at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 698.6 %².
By 3-year correlation, IWM places #5 of the 10 assets tracked against BHVN. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 25.1 percentage points (+3.3% for BHVN against +28.4% for IWM). Note the risk asymmetry: BHVN runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BHVN vs IWM: side by side
| BHVN (Biohaven Ltd.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +3.3% | +28.4% |
| 5-year return | n/a | +41.5% |
| Volatility (ann.) | 78.0% | 19.8% |
| Beta vs S&P 500 | 1.60 | 1.06 |
| Max drawdown (3Y) | -87.0% | -27.5% |
| Market cap | $2.4B | – |
| 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 | BHVN | IWM |
|---|---|---|
| 2022 | – | -20.5% |
| 2023 | +208.4% | +16.8% |
| 2024 | -12.7% | +11.4% |
| 2025 | -69.8% | +12.7% |
| 2026 | +42.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BHVN represents 0.07% of IWM's portfolio, so part of any move in IWM is BHVN itself, and the correlation between them is partly mechanical.
Are BHVN and IWM good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BHVN and IWM?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.46 over the last year and 0.40 over 5 years.
Is IWM a good diversifier for BHVN?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/bhvn-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhvn-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BHVN correlations · IWM correlations
