CODI vs IWM: Correlation
How closely do D/B/A Compass Diversified Holdings Shares of Beneficial (CODI) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODI and IWM?
Across a 3-year window, the weekly returns of CODI and IWM correlate at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 516.0 %².
IWM is one of the assets that tracks CODI most closely: it ranks #3 out of the 17 assets we track against CODI. The last year tells two different stories: CODI led by 21.0 percentage points, +49.4% for CODI against +28.4% for IWM. Risk is not evenly split, since CODI carries 3.2 times the volatility of the other side.
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.
CODI vs IWM: side by side
| CODI (D/B/A Compass Diversified Holdings Shares of Beneficial) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +49.4% | +28.4% |
| 5-year return | -53.0% | +41.5% |
| Volatility (ann.) | 63.2% | 19.8% |
| Beta vs S&P 500 | 1.45 | 1.06 |
| Max drawdown (3Y) | -80.3% | -27.5% |
| Market cap | $0.8B | – |
| 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 | CODI | IWM |
|---|---|---|
| 2022 | -37.7% | -20.5% |
| 2023 | +29.4% | +16.8% |
| 2024 | +7.5% | +11.4% |
| 2025 | -78.6% | +12.7% |
| 2026 | +134.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODI and IWM good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CODI and IWM?
The CODI/IWM correlation stands at 0.41 on a 3-year window (1 year: 0.41, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for CODI?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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/codi-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/codi-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CODI correlations · IWM correlations
