HZO vs IWM: Correlation
Measured on weekly returns over the past three years, MarineMax, Inc. (FL) (HZO) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HZO and IWM?
Across a 3-year window, the weekly returns of HZO and IWM correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.49) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.57, with an annualized covariance of 676.7 %².
In HZO's tracked universe of 16 assets, IWM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months HZO outperformed by 58.4 percentage points (+86.8% for HZO against +28.4% for IWM). Risk is not evenly split, since HZO carries 2.9 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.
HZO vs IWM: side by side
| HZO (MarineMax, Inc. (FL)) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +86.8% | +28.4% |
| 5-year return | +5.1% | +41.5% |
| Volatility (ann.) | 57.2% | 19.8% |
| Beta vs S&P 500 | 1.70 | 1.06 |
| Max drawdown (3Y) | -55.0% | -27.5% |
| Market cap | $1.2B | – |
| P/E (trailing) | 326.2 | – |
| 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 | HZO | IWM |
|---|---|---|
| 2022 | -47.1% | -20.5% |
| 2023 | +24.6% | +16.8% |
| 2024 | -25.6% | +11.4% |
| 2025 | -16.3% | +12.7% |
| 2026 | +115.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HZO and IWM good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HZO and IWM?
The HZO/IWM correlation stands at 0.60 on a 3-year window (1 year: 0.49, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for HZO?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 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/hzo-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hzo-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HZO correlations · IWM correlations
