CALY vs IWM: Correlation
Callaway Golf Company (CALY) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and IWM?
On 3 years of weekly data the CALY/IWM correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 540.2 %².
In CALY's tracked universe of 16 assets, IWM sits right near the top at #2. Correlation aside, the last 12 months split them widely, with CALY ahead by 29.2 points (+57.6% versus +28.4%). Note the risk asymmetry: CALY runs 2.8 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.
CALY vs IWM: side by side
| CALY (Callaway Golf Company) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +57.6% | +28.4% |
| 5-year return | -45.7% | +41.5% |
| Volatility (ann.) | 55.5% | 19.8% |
| Beta vs S&P 500 | 1.11 | 1.06 |
| Max drawdown (3Y) | -68.1% | -27.5% |
| Market cap | $2.8B | – |
| P/E (trailing) | 36.8 | – |
| 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 | CALY | IWM |
|---|---|---|
| 2022 | -28.0% | -20.5% |
| 2023 | -27.4% | +16.8% |
| 2024 | -45.2% | +11.4% |
| 2025 | +48.5% | +12.7% |
| 2026 | +32.3% | +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 CALY at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CALY and IWM good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CALY and IWM?
As of 2026-08-27, the correlation of weekly returns between CALY and IWM is 0.49 over 3 years, 0.59 over 1 year and 0.53 over 5 years.
Is IWM a good diversifier for CALY?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/caly-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caly-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CALY correlations · IWM correlations
