HGV vs IWM: Correlation
Measured on weekly returns over the past three years, Hilton Grand Vacations Inc. (HGV) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGV and IWM?
Over the past 3 years, HGV and IWM moved with a correlation of 0.68, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.68 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 488.9 %².
In HGV's tracked universe of 37 assets, IWM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with IWM ahead by 35.6 points (-7.2% versus +28.4%). Risk is not evenly split, since HGV 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.
HGV vs IWM: side by side
| HGV (Hilton Grand Vacations Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -7.2% | +28.4% |
| 5-year return | +1.7% | +41.5% |
| Volatility (ann.) | 36.3% | 19.8% |
| Beta vs S&P 500 | 1.38 | 1.06 |
| Max drawdown (3Y) | -34.6% | -27.5% |
| Market cap | $3.4B | – |
| P/E (trailing) | 25.6 | – |
| 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 | HGV | IWM |
|---|---|---|
| 2022 | -26.0% | -20.5% |
| 2023 | +4.3% | +16.8% |
| 2024 | -3.1% | +11.4% |
| 2025 | +14.9% | +12.7% |
| 2026 | -2.1% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HGV represents 0.08% of IWM's portfolio, so part of any move in IWM is HGV itself, and the correlation between them is partly mechanical.
Are HGV and IWM good diversifiers for each other?
Only partially. A correlation of 0.68 means HGV 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 HGV and IWM?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.74 over the last year and 0.71 over 5 years.
Is IWM a good diversifier for HGV?
Only partially. A correlation of 0.68 means HGV 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 0.68 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/hgv-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hgv-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HGV correlations · IWM correlations
