IVV vs IWM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core S&P 500 ETF (IVV) and iShares Russell 2000 ETF (IWM) carry a correlation of 0.77, a strong link. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVV and IWM?
Across a 3-year window, the weekly returns of IVV and IWM correlate at 0.77, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 222.1 %².
Among the 122 assets we track against IVV, IWM ranks #38 by 3-year correlation. Over the last 12 months IWM came out ahead by 7.7 percentage points (+20.7% against +28.4%). On a rolling one-year basis the correlation drifted between 0.61 and 0.89, a moderate band.
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.
IVV vs IWM: side by side
| IVV (iShares Core S&P 500 ETF) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +20.7% | +28.4% |
| 5-year return | +83.0% | +41.5% |
| Volatility (ann.) | 14.5% | 19.8% |
| Beta vs S&P 500 | 1.00 | 1.06 |
| Max drawdown (3Y) | -18.8% | -27.5% |
| Dividend yield | 1.09% | 0.91% |
| Expense ratio | 0.03% | 0.19% |
| Assets under management | $869.2B | $80.1B |
| Sector / category | ETF · US Large Cap | ETF · US Small & Mid Cap |
IVV, iShares's Large Blend fund, carries $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield. IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Portfolio overlap between IVV and IWM
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), GOOGL (3.03%). Only by IWM: MOGA (0.35%), UMBF (0.34%), CYTK (0.33%), GKOS (0.33%), EAT (0.33%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | IVV | IWM |
|---|---|---|
| 2022 | -18.2% | -20.5% |
| 2023 | +26.3% | +16.8% |
| 2024 | +24.9% | +11.4% |
| 2025 | +17.8% | +12.7% |
| 2026 | +13.7% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVV and IWM good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IVV and IWM?
The IVV/IWM correlation stands at 0.77 on a 3-year window (1 year: 0.73, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for IVV?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do IVV and IWM overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ivv-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ivv-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IVV correlations · IWM correlations
