BNED vs IWM: Correlation
How closely do Barnes & Noble Education, Inc (BNED) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNED and IWM?
On 3 years of weekly data the BNED/IWM correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.38). The 5-year figure is 0.34, and annualized covariance runs at 842.2 %².
Within BNED's tracked universe of 11 assets, IWM comes in at #4 by 3-year correlation. Over the last 12 months BNED came out ahead by 12.7 percentage points (+41.1% against +28.4%). Note the risk asymmetry: BNED runs 5.7 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.
BNED vs IWM: side by side
| BNED (Barnes & Noble Education, Inc) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +41.1% | +28.4% |
| 5-year return | -98.4% | +41.5% |
| Volatility (ann.) | 111.9% | 19.8% |
| Beta vs S&P 500 | 1.64 | 1.06 |
| Max drawdown (3Y) | -97.3% | -27.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | 25.5 | – |
| 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 | BNED | IWM |
|---|---|---|
| 2022 | -74.3% | -20.5% |
| 2023 | -14.9% | +16.8% |
| 2024 | -93.3% | +11.4% |
| 2025 | -8.5% | +12.7% |
| 2026 | +33.9% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNED and IWM good diversifiers for each other?
Reasonably. At 0.38, BNED and IWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BNED and IWM?
As of 2026-08-27, the correlation of weekly returns between BNED and IWM is 0.38 over 3 years, 0.56 over 1 year and 0.34 over 5 years.
Is IWM a good diversifier for BNED?
Reasonably. At 0.38, BNED and IWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/bned-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bned-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BNED correlations · IWM correlations
