DJCO vs IWM: Correlation
How closely do Daily Journal Corp. (S.C.) (DJCO) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJCO and IWM?
Over the past 3 years, DJCO and IWM moved with a correlation of 0.54, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.54 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 422.7 %².
In DJCO's tracked universe of 11 assets, IWM sits right near the top at #2. The trailing year gives DJCO the advantage: +35.1% versus +28.4%, a 6.7-point spread. One caveat on sizing: DJCO is 2.0 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.
DJCO vs IWM: side by side
| DJCO (Daily Journal Corp. (S.C.)) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +35.1% | +28.4% |
| 5-year return | +91.2% | +41.5% |
| Volatility (ann.) | 39.6% | 19.8% |
| Beta vs S&P 500 | 0.79 | 1.06 |
| Max drawdown (3Y) | -38.0% | -27.5% |
| Market cap | $0.9B | – |
| 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 | DJCO | IWM |
|---|---|---|
| 2022 | -29.8% | -20.5% |
| 2023 | +36.1% | +16.8% |
| 2024 | +66.7% | +11.4% |
| 2025 | -14.2% | +12.7% |
| 2026 | +29.5% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJCO and IWM good diversifiers for each other?
To a limited degree. At 0.54 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 DJCO and IWM?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.43 over the last year and 0.47 over 5 years.
Is IWM a good diversifier for DJCO?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/djco-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/djco-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DJCO correlations · IWM correlations
