HRI vs IWM: Correlation
How closely do Herc Holdings Inc. (HRI) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRI and IWM?
Over the past 3 years, HRI and IWM moved with a correlation of 0.62, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.62 over 3 years. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 660.4 %².
Among the 14 assets we track against HRI, IWM ranks #4 by 3-year correlation. Over the last 12 months IWM came out ahead by 9.5 percentage points (+18.9% against +28.4%). Risk is not evenly split, since HRI carries 2.7 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.
HRI vs IWM: side by side
| HRI (Herc Holdings Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +18.9% | +28.4% |
| 5-year return | +27.3% | +41.5% |
| Volatility (ann.) | 54.2% | 19.8% |
| Beta vs S&P 500 | 1.68 | 1.06 |
| Max drawdown (3Y) | -60.9% | -27.5% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | 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 | HRI | IWM |
|---|---|---|
| 2022 | -14.4% | -20.5% |
| 2023 | +15.5% | +16.8% |
| 2024 | +29.4% | +11.4% |
| 2025 | -20.1% | +12.7% |
| 2026 | +5.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IWM holds HRI at a 0.16% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HRI and IWM good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HRI and IWM?
As of 2026-08-27, the correlation of weekly returns between HRI and IWM is 0.62 over 3 years, 0.44 over 1 year and 0.64 over 5 years.
Is IWM a good diversifier for HRI?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
A reading of 0.62 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/hri-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hri-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HRI correlations · IWM correlations
