DLHC vs IWM: Correlation
DLH Holdings Corp. (DLHC) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLHC and IWM?
Over the past 3 years, DLHC and IWM moved with a correlation of 0.43, which is moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.43). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 350.7 %².
By 3-year correlation, IWM places #5 of the 10 assets tracked against DLHC. The last year tells two different stories: IWM led by 47.5 percentage points, -19.1% for DLHC against +28.4% for IWM. Note the risk asymmetry: DLHC runs 2.1 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.
DLHC vs IWM: side by side
| DLHC (DLH Holdings Corp.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -19.1% | +28.4% |
| 5-year return | -61.3% | +41.5% |
| Volatility (ann.) | 41.1% | 19.8% |
| Beta vs S&P 500 | 1.07 | 1.06 |
| Max drawdown (3Y) | -84.0% | -27.5% |
| Market cap | $0.1B | – |
| 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 | DLHC | IWM |
|---|---|---|
| 2022 | -42.7% | -20.5% |
| 2023 | +32.7% | +16.8% |
| 2024 | -49.0% | +11.4% |
| 2025 | -29.6% | +12.7% |
| 2026 | -20.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLHC and IWM good diversifiers for each other?
Reasonably. At 0.43, DLHC and IWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DLHC and IWM?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.30 over the last year and 0.46 over 5 years.
Is IWM a good diversifier for DLHC?
Reasonably. At 0.43, DLHC and IWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/dlhc-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dlhc-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DLHC correlations · IWM correlations
