IWM vs KEYS: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Keysight Technologies (KEYS) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and KEYS?
On 3 years of weekly data the IWM/KEYS correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.43) than the 3-year average (0.64). The 5-year figure is 0.64, and annualized covariance runs at 468.6 %².
Among the 320 assets we track against IWM, KEYS ranks #75 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KEYS outperformed by 69.0 percentage points (+28.4% for IWM against +97.4% for KEYS). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.82. Note the risk asymmetry: KEYS runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
IWM vs KEYS: side by side
| IWM (iShares Russell 2000 ETF) | KEYS (Keysight Technologies) | |
|---|---|---|
| 1-year return | +28.4% | +97.4% |
| 5-year return | +41.5% | +81.9% |
| Volatility (ann.) | 19.8% | 36.8% |
| Beta vs S&P 500 | 1.06 | 1.58 |
| Max drawdown (3Y) | -27.5% | -31.4% |
| Market cap | – | $55.5B |
| P/E (trailing) | – | 43.5 |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | Information Technology |
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 | IWM | KEYS |
|---|---|---|
| 2022 | -20.5% | -17.2% |
| 2023 | +16.8% | -7.0% |
| 2024 | +11.4% | +1.0% |
| 2025 | +12.7% | +26.5% |
| 2026 | +22.3% | +60.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and KEYS good diversifiers for each other?
Only partially. A correlation of 0.64 means IWM and KEYS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IWM and KEYS?
As of 2026-08-27, the correlation of weekly returns between IWM and KEYS is 0.64 over 3 years, 0.43 over 1 year and 0.64 over 5 years.
Is KEYS a good diversifier for IWM?
Only partially. A correlation of 0.64 means IWM and KEYS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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/iwm-vs-keys.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-keys/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · KEYS correlations
