IWM vs KWY: Correlation
iShares Russell 2000 ETF (IWM) and Kingsway Corporation (KWY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and KWY?
Over the past 3 years, IWM and KWY moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 314.9 %².
Within IWM's tracked universe of 320 assets, KWY comes in at #292 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 57.7 points (+28.4% versus -29.3%). Note the risk asymmetry: KWY 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 KWY: side by side
| IWM (iShares Russell 2000 ETF) | KWY (Kingsway Corporation) | |
|---|---|---|
| 1-year return | +28.4% | -29.3% |
| 5-year return | +41.5% | +80.2% |
| Volatility (ann.) | 19.8% | 37.8% |
| Beta vs S&P 500 | 1.06 | 0.90 |
| Max drawdown (3Y) | -27.5% | -48.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
IWM is a Small Blend fund from iShares: $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | KWY |
|---|---|---|
| 2022 | -20.5% | +44.7% |
| 2023 | +16.8% | +5.9% |
| 2024 | +11.4% | -0.4% |
| 2025 | +12.7% | +60.7% |
| 2026 | +22.3% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and KWY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IWM and KWY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.46 over the last year and 0.30 over 5 years.
Is KWY a good diversifier for IWM?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/iwm-vs-kwy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-kwy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · KWY correlations
