GDV vs IWM: Correlation
Measured on weekly returns over the past three years, Gabelli Dividend & Income Trust (GDV) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and IWM?
Over the past 3 years, GDV and IWM moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.75 over 1 year against 0.83 over 3. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 246.6 %².
Among the 71 assets we track against GDV, IWM ranks #15 by 3-year correlation. Over the last 12 months IWM came out ahead by 8.1 percentage points (+20.3% against +28.4%).
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.
GDV vs IWM: side by side
| GDV (Gabelli Dividend & Income Trust) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +20.3% | +28.4% |
| 5-year return | +53.8% | +41.5% |
| Volatility (ann.) | 15.0% | 19.8% |
| Beta vs S&P 500 | 0.90 | 1.06 |
| Max drawdown (3Y) | -16.1% | -27.5% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 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 | GDV | IWM |
|---|---|---|
| 2022 | -18.6% | -20.5% |
| 2023 | +11.9% | +16.8% |
| 2024 | +18.1% | +11.4% |
| 2025 | +22.8% | +12.7% |
| 2026 | +13.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and IWM good diversifiers for each other?
No: a correlation of 0.83 means GDV and IWM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDV and IWM?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.75 over the last year and 0.87 over 5 years.
Is IWM a good diversifier for GDV?
No: a correlation of 0.83 means GDV and IWM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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/gdv-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdv-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDV correlations · IWM correlations
