HHH vs IWM: Correlation
How closely do Howard Hughes Holdings Inc. (HHH) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HHH and IWM?
Across a 3-year window, the weekly returns of HHH and IWM correlate at 0.68, strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.68). Stretching to 5 years gives 0.71, with an annualized covariance of 395.7 %².
Few assets follow HHH as closely as IWM, which ranks #1 of 17 tracked partners. The last year tells two different stories: IWM led by 42.6 percentage points, -14.2% for HHH against +28.4% for IWM.
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.
HHH vs IWM: side by side
| HHH (Howard Hughes Holdings Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -14.2% | +28.4% |
| 5-year return | -25.2% | +41.5% |
| Volatility (ann.) | 29.3% | 19.8% |
| Beta vs S&P 500 | 0.96 | 1.06 |
| Max drawdown (3Y) | -31.4% | -27.5% |
| Market cap | $3.9B | – |
| P/E (trailing) | 12.8 | – |
| 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 | HHH | IWM |
|---|---|---|
| 2022 | -24.9% | -20.5% |
| 2023 | +11.9% | +16.8% |
| 2024 | -5.7% | +11.4% |
| 2025 | +3.7% | +12.7% |
| 2026 | -18.6% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HHH and IWM good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HHH and IWM?
The HHH/IWM correlation stands at 0.68 on a 3-year window (1 year: 0.51, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for HHH?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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/hhh-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hhh-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HHH correlations · IWM correlations
