EXFY vs IWM: Correlation
How closely do Expensify, Inc. (EXFY) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXFY and IWM?
Over the past 3 years, EXFY and IWM moved with a correlation of 0.44, which is moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.44). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 734.1 %².
Within EXFY's tracked universe of 12 assets, IWM comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +33.3% against +28.4%. Risk is not evenly split, since EXFY carries 4.2 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.
EXFY vs IWM: side by side
| EXFY (Expensify, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +33.3% | +28.4% |
| 5-year return | -93.8% | +41.5% |
| Volatility (ann.) | 83.7% | 19.8% |
| Beta vs S&P 500 | 2.04 | 1.06 |
| Max drawdown (3Y) | -83.4% | -27.5% |
| Market cap | $0.2B | – |
| 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 | EXFY | IWM |
|---|---|---|
| 2022 | -79.9% | -20.5% |
| 2023 | -72.0% | +16.8% |
| 2024 | +35.6% | +11.4% |
| 2025 | -54.9% | +12.7% |
| 2026 | +69.5% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXFY and IWM good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EXFY and IWM?
The EXFY/IWM correlation stands at 0.44 on a 3-year window (1 year: 0.29, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for EXFY?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/exfy-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exfy-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EXFY correlations · IWM correlations
