GNRC vs IWM: Correlation
How closely do Generac (GNRC) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNRC and IWM?
On 3 years of weekly data the GNRC/IWM correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 493.4 %².
By 3-year correlation, IWM places #6 of the 35 assets tracked against GNRC. The last year tells two different stories: IWM led by 22.9 percentage points, +5.5% for GNRC against +28.4% for IWM. The relationship is regime-dependent: the rolling one-year correlation swung between 0.21 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: GNRC is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GNRC vs IWM: side by side
| GNRC (Generac) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +5.5% | +28.4% |
| 5-year return | -55.4% | +41.5% |
| Volatility (ann.) | 46.1% | 19.8% |
| Beta vs S&P 500 | 1.35 | 1.06 |
| Max drawdown (3Y) | -47.8% | -27.5% |
| Market cap | $11.6B | – |
| P/E (trailing) | 47.4 | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | Industrials | 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 | GNRC | IWM |
|---|---|---|
| 2022 | -71.4% | -20.5% |
| 2023 | +28.4% | +16.8% |
| 2024 | +20.0% | +11.4% |
| 2025 | -12.0% | +12.7% |
| 2026 | +44.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNRC and IWM good diversifiers for each other?
Only partially. A correlation of 0.54 means GNRC 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 GNRC and IWM?
The GNRC/IWM correlation stands at 0.54 on a 3-year window (1 year: 0.46, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for GNRC?
Only partially. A correlation of 0.54 means GNRC 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 0.54 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/gnrc-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnrc-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GNRC correlations · IWM correlations
