BKE vs IWM: Correlation
Buckle, Inc. (The) (BKE) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKE and IWM?
Over the past 3 years, BKE and IWM moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 365.5 %².
Few assets follow BKE as closely as IWM, which ranks #3 of 21 tracked partners. The last year tells two different stories: IWM led by 46.3 percentage points, -17.9% for BKE against +28.4% for IWM. One caveat on sizing: BKE is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BKE vs IWM: side by side
| BKE (Buckle, Inc. (The)) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -17.9% | +28.4% |
| 5-year return | +83.6% | +41.5% |
| Volatility (ann.) | 31.1% | 19.8% |
| Beta vs S&P 500 | 0.85 | 1.06 |
| Max drawdown (3Y) | -33.9% | -27.5% |
| Market cap | $2.2B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 1.58% | 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 | BKE | IWM |
|---|---|---|
| 2022 | +10.9% | -20.5% |
| 2023 | +15.0% | +16.8% |
| 2024 | +17.5% | +11.4% |
| 2025 | +14.0% | +12.7% |
| 2026 | -13.2% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IWM holds BKE at a 0.05% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BKE and IWM good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BKE and IWM?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.52 over the last year and 0.58 over 5 years.
Is IWM a good diversifier for BKE?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bke-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bke-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BKE correlations · IWM correlations
