CHDN vs IWM: Correlation
Measured on weekly returns over the past three years, Churchill Downs, Incorporated (CHDN) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHDN and IWM?
Across a 3-year window, the weekly returns of CHDN and IWM correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.50, with an annualized covariance of 238.9 %².
IWM is one of the assets that tracks CHDN most closely: it ranks #2 out of the 11 assets we track against CHDN. Correlation aside, the last 12 months split them widely, with IWM ahead by 46.6 points (-18.2% versus +28.4%).
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.
CHDN vs IWM: side by side
| CHDN (Churchill Downs, Incorporated) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -18.2% | +28.4% |
| 5-year return | -16.1% | +41.5% |
| Volatility (ann.) | 27.4% | 19.8% |
| Beta vs S&P 500 | 0.72 | 1.06 |
| Max drawdown (3Y) | -43.9% | -27.5% |
| Market cap | $6.0B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.50% | 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 | CHDN | IWM |
|---|---|---|
| 2022 | -12.0% | -20.5% |
| 2023 | +28.1% | +16.8% |
| 2024 | -0.7% | +11.4% |
| 2025 | -14.5% | +12.7% |
| 2026 | -24.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHDN and IWM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CHDN 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 CHDN?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
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/chdn-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chdn-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHDN correlations · IWM correlations
