GGB vs IWM: Correlation
How closely do Gerdau S.A. (GGB) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and IWM?
On 3 years of weekly data the GGB/IWM correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 362.7 %².
By 3-year correlation, IWM places #4 of the 13 assets tracked against GGB. Correlation aside, the last 12 months split them widely, with GGB ahead by 28.8 points (+57.2% versus +28.4%). Risk is not evenly split, since GGB carries 1.8 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.
GGB vs IWM: side by side
| GGB (Gerdau S.A.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +57.2% | +28.4% |
| 5-year return | +55.7% | +41.5% |
| Volatility (ann.) | 34.9% | 19.8% |
| Beta vs S&P 500 | 1.02 | 1.06 |
| Max drawdown (3Y) | -44.2% | -27.5% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 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 | GGB | IWM |
|---|---|---|
| 2022 | +28.4% | -20.5% |
| 2023 | -1.9% | +16.8% |
| 2024 | -25.9% | +11.4% |
| 2025 | +30.9% | +12.7% |
| 2026 | +30.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and IWM good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GGB and IWM?
As of 2026-08-27, the correlation of weekly returns between GGB and IWM is 0.52 over 3 years, 0.46 over 1 year and 0.44 over 5 years.
Is IWM a good diversifier for GGB?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/ggb-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggb-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GGB correlations · IWM correlations
