EVLV vs IWM: Correlation
Measured on weekly returns over the past three years, Evolv Technologies Holdings, Inc. (EVLV) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and IWM?
On 3 years of weekly data the EVLV/IWM correlation comes out at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.30 versus 0.52 over 3 years. The 5-year figure is 0.43, and annualized covariance runs at 804.3 %².
Few assets follow EVLV as closely as IWM, which ranks #1 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with IWM ahead by 64.9 points (-36.5% versus +28.4%). Note the risk asymmetry: EVLV runs 4.0 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.
EVLV vs IWM: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -36.5% | +28.4% |
| 5-year return | -34.1% | +41.5% |
| Volatility (ann.) | 78.6% | 19.8% |
| Beta vs S&P 500 | 2.05 | 1.06 |
| Max drawdown (3Y) | -69.2% | -27.5% |
| Market cap | $1.0B | – |
| 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 | EVLV | IWM |
|---|---|---|
| 2022 | -41.9% | -20.5% |
| 2023 | +82.2% | +16.8% |
| 2024 | -16.3% | +11.4% |
| 2025 | +81.3% | +12.7% |
| 2026 | -25.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and IWM good diversifiers for each other?
Only partially. A correlation of 0.52 means EVLV and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EVLV and IWM?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.30 over the last year and 0.43 over 5 years.
Is IWM a good diversifier for EVLV?
Only partially. A correlation of 0.52 means EVLV and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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/evlv-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evlv-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EVLV correlations · IWM correlations
