INDI vs IWM: Correlation
indie Semiconductor, Inc. (INDI) and iShares Russell 2000 ETF (IWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDI and IWM?
Over the past 3 years, INDI and IWM moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 972.0 %².
Few assets follow INDI as closely as IWM, which ranks #2 of 13 tracked partners. The last year tells two different stories: IWM led by 41.3 percentage points, -12.9% for INDI against +28.4% for IWM. Risk is not evenly split, since INDI carries 4.4 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.
INDI vs IWM: side by side
| INDI (indie Semiconductor, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -12.9% | +28.4% |
| 5-year return | -59.1% | +41.5% |
| Volatility (ann.) | 86.4% | 19.8% |
| Beta vs S&P 500 | 3.07 | 1.06 |
| Max drawdown (3Y) | -81.3% | -27.5% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| 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 | INDI | IWM |
|---|---|---|
| 2022 | -51.4% | -20.5% |
| 2023 | +39.1% | +16.8% |
| 2024 | -50.1% | +11.4% |
| 2025 | -12.8% | +12.7% |
| 2026 | +14.4% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDI and IWM good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between INDI and IWM?
As of 2026-08-27, the correlation of weekly returns between INDI and IWM is 0.57 over 3 years, 0.48 over 1 year and 0.55 over 5 years.
Is IWM a good diversifier for INDI?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 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/indi-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indi-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDI correlations · IWM correlations
