DGII vs IWM: Correlation
Digi International Inc. (DGII) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGII and IWM?
Over the past 3 years, DGII and IWM moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.44) than the 3-year average (0.55). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 434.1 %².
Few assets follow DGII as closely as IWM, which ranks #2 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with DGII ahead by 97.6 points (+126.0% versus +28.4%). Risk is not evenly split, since DGII carries 2.0 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.
DGII vs IWM: side by side
| DGII (Digi International Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +126.0% | +28.4% |
| 5-year return | +253.2% | +41.5% |
| Volatility (ann.) | 40.0% | 19.8% |
| Beta vs S&P 500 | 1.26 | 1.06 |
| Max drawdown (3Y) | -35.2% | -27.5% |
| Market cap | $2.9B | – |
| P/E (trailing) | 60.5 | – |
| 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 | DGII | IWM |
|---|---|---|
| 2022 | +48.8% | -20.5% |
| 2023 | -28.9% | +16.8% |
| 2024 | +16.3% | +11.4% |
| 2025 | +43.2% | +12.7% |
| 2026 | +78.9% | +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 DGII at a 0.09% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGII and IWM good diversifiers for each other?
To a limited degree. At 0.55 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 DGII and IWM?
As of 2026-08-27, the correlation of weekly returns between DGII and IWM is 0.55 over 3 years, 0.44 over 1 year and 0.53 over 5 years.
Is IWM a good diversifier for DGII?
To a limited degree. At 0.55 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 0.55 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/dgii-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgii-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGII correlations · IWM correlations
