CCO vs IWM: Correlation
Clear Channel Outdoor Holdings, Inc. (CCO) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and IWM?
On 3 years of weekly data the CCO/IWM correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.44 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 417.9 %².
In CCO's tracked universe of 11 assets, IWM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months CCO outperformed by 59.8 percentage points (+88.2% for CCO against +28.4% for IWM). One caveat on sizing: CCO is 2.4 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.
CCO vs IWM: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +88.2% | +28.4% |
| 5-year return | -6.3% | +41.5% |
| Volatility (ann.) | 48.4% | 19.8% |
| Beta vs S&P 500 | 1.25 | 1.06 |
| Max drawdown (3Y) | -57.1% | -27.5% |
| Market cap | $1.2B | – |
| 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 | CCO | IWM |
|---|---|---|
| 2022 | -68.3% | -20.5% |
| 2023 | +73.3% | +16.8% |
| 2024 | -24.7% | +11.4% |
| 2025 | +61.3% | +12.7% |
| 2026 | +8.1% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and IWM good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCO and IWM?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.29 over the last year and 0.50 over 5 years.
Is IWM a good diversifier for CCO?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/cco-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cco-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCO correlations · IWM correlations
