GXO vs IWM: Correlation
GXO Logistics, Inc. (GXO) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and IWM?
Over the past 3 years, GXO and IWM moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 434.9 %².
Few assets follow GXO as closely as IWM, which ranks #2 of 16 tracked partners. The last year tells two different stories: IWM led by 38.5 percentage points, -10.1% for GXO against +28.4% for IWM. Risk is not evenly split, since GXO carries 1.9 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.
GXO vs IWM: side by side
| GXO (GXO Logistics, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -10.1% | +28.4% |
| 5-year return | -43.5% | +41.5% |
| Volatility (ann.) | 37.5% | 19.8% |
| Beta vs S&P 500 | 1.06 | 1.06 |
| Max drawdown (3Y) | -51.6% | -27.5% |
| Market cap | $5.5B | – |
| P/E (trailing) | 42.5 | – |
| 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 | GXO | IWM |
|---|---|---|
| 2022 | -53.0% | -20.5% |
| 2023 | +43.3% | +16.8% |
| 2024 | -28.9% | +11.4% |
| 2025 | +21.0% | +12.7% |
| 2026 | -8.9% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GXO and IWM good diversifiers for each other?
Only partially. A correlation of 0.58 means GXO 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 GXO and IWM?
As of 2026-08-27, the correlation of weekly returns between GXO and IWM is 0.58 over 3 years, 0.49 over 1 year and 0.64 over 5 years.
Is IWM a good diversifier for GXO?
Only partially. A correlation of 0.58 means GXO 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gxo-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gxo-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GXO correlations · IWM correlations
