CNNE vs IWM: Correlation
Cannae Holdings, Inc. (CNNE) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and IWM?
Over the past 3 years, CNNE and IWM moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 344.9 %².
By 3-year correlation, IWM places #4 of the 11 assets tracked against CNNE. The last year tells two different stories: IWM led by 42.2 percentage points, -13.8% for CNNE against +28.4% for IWM. Note the risk asymmetry: CNNE runs 1.5 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.
CNNE vs IWM: side by side
| CNNE (Cannae Holdings, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -13.8% | +28.4% |
| 5-year return | -47.5% | +41.5% |
| Volatility (ann.) | 29.8% | 19.8% |
| Beta vs S&P 500 | 0.98 | 1.06 |
| Max drawdown (3Y) | -50.0% | -27.5% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.88% | 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 | CNNE | IWM |
|---|---|---|
| 2022 | -41.3% | -20.5% |
| 2023 | -5.5% | +16.8% |
| 2024 | +3.7% | +11.4% |
| 2025 | -18.3% | +12.7% |
| 2026 | +0.6% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and IWM good diversifiers for each other?
To a limited degree. At 0.58 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 CNNE and IWM?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.61 over the last year and 0.66 over 5 years.
Is IWM a good diversifier for CNNE?
To a limited degree. At 0.58 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 0.58 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/cnne-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnne-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNNE correlations · IWM correlations
