INMD vs IWM: Correlation
How closely do InMode Ltd. (INMD) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INMD and IWM?
Over the past 3 years, INMD and IWM moved with a correlation of 0.53, which is moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.53). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 411.3 %².
In INMD's tracked universe of 14 assets, IWM sits right near the top at #2. Correlation aside, the last 12 months split them widely, with IWM ahead by 30.7 points (-2.3% versus +28.4%). One caveat on sizing: INMD is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
INMD vs IWM: side by side
| INMD (InMode Ltd.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -2.3% | +28.4% |
| 5-year return | -77.7% | +41.5% |
| Volatility (ann.) | 38.9% | 19.8% |
| Beta vs S&P 500 | 1.09 | 1.06 |
| Max drawdown (3Y) | -68.2% | -27.5% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.4 | – |
| 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 | INMD | IWM |
|---|---|---|
| 2022 | -49.4% | -20.5% |
| 2023 | -37.7% | +16.8% |
| 2024 | -24.9% | +11.4% |
| 2025 | -12.0% | +12.7% |
| 2026 | +1.0% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INMD and IWM good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between INMD and IWM?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.16 over the last year and 0.55 over 5 years.
Is IWM a good diversifier for INMD?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/inmd-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inmd-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INMD correlations · IWM correlations
