IWM vs LMNR: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Limoneira Co (LMNR) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and LMNR?
Across a 3-year window, the weekly returns of IWM and LMNR correlate at 0.51, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.51 over 3. Stretching to 5 years gives 0.36, with an annualized covariance of 325.9 %².
By 3-year correlation, LMNR places #214 of the 320 assets tracked against IWM. Correlation aside, the last 12 months split them widely, with IWM ahead by 42.6 points (+28.4% versus -14.2%). Note the risk asymmetry: LMNR runs 1.6 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 LMNR: side by side
| IWM (iShares Russell 2000 ETF) | LMNR (Limoneira Co) | |
|---|---|---|
| 1-year return | +28.4% | -14.2% |
| 5-year return | +41.5% | -8.4% |
| Volatility (ann.) | 19.8% | 32.1% |
| Beta vs S&P 500 | 1.06 | 0.61 |
| Max drawdown (3Y) | -27.5% | -58.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 1.67% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, IWM sits in the Small Blend category at iShares, with $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | LMNR |
|---|---|---|
| 2022 | -20.5% | -16.7% |
| 2023 | +16.8% | +72.0% |
| 2024 | +11.4% | +20.2% |
| 2025 | +12.7% | -47.3% |
| 2026 | +22.3% | +7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and LMNR good diversifiers for each other?
To a limited degree. At 0.51 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 IWM and LMNR?
The IWM/LMNR correlation stands at 0.51 on a 3-year window (1 year: 0.52, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is LMNR a good diversifier for IWM?
To a limited degree. At 0.51 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 0.51 mean?
On the −1 to +1 scale, 0.51 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-lmnr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-lmnr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · LMNR correlations
