FIP vs IWM: Correlation
Measured on weekly returns over the past three years, FTAI Infrastructure Inc. (FIP) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIP and IWM?
Over the past 3 years, FIP and IWM moved with a correlation of 0.47, which is moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 528.8 %².
Among the 13 assets we track against FIP, IWM ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 55.9 percentage points (-27.5% for FIP against +28.4% for IWM). Note the risk asymmetry: FIP runs 2.9 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.
FIP vs IWM: side by side
| FIP (FTAI Infrastructure Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -27.5% | +28.4% |
| 5-year return | n/a | +41.5% |
| Volatility (ann.) | 56.6% | 19.8% |
| Beta vs S&P 500 | 1.48 | 1.06 |
| Max drawdown (3Y) | -68.0% | -27.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.22% | 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 | FIP | IWM |
|---|---|---|
| 2022 | – | -20.5% |
| 2023 | +36.9% | +16.8% |
| 2024 | +89.5% | +11.4% |
| 2025 | -34.9% | +12.7% |
| 2026 | -19.2% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIP and IWM good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FIP and IWM?
The FIP/IWM correlation stands at 0.47 on a 3-year window (1 year: 0.54, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for FIP?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/fip-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fip-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FIP correlations · IWM correlations
