IWM vs MATW: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Matthews International Corporation (MATW) 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 MATW?
On 3 years of weekly data the IWM/MATW correlation comes out at 0.51, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.51 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 363.8 %².
By 3-year correlation, MATW places #216 of the 320 assets tracked against IWM. The last year tells two different stories: IWM led by 37.0 percentage points, +28.4% for IWM against -8.6% for MATW. One caveat on sizing: MATW is 1.8 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.
IWM vs MATW: side by side
| IWM (iShares Russell 2000 ETF) | MATW (Matthews International Corporation) | |
|---|---|---|
| 1-year return | +28.4% | -8.6% |
| 5-year return | +41.5% | -30.2% |
| Volatility (ann.) | 19.8% | 36.3% |
| Beta vs S&P 500 | 1.06 | 0.87 |
| Max drawdown (3Y) | -27.5% | -54.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 4.73% |
| 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 | MATW |
|---|---|---|
| 2022 | -20.5% | -14.5% |
| 2023 | +16.8% | +23.4% |
| 2024 | +11.4% | -21.9% |
| 2025 | +12.7% | -1.5% |
| 2026 | +22.3% | -17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MATW good diversifiers for each other?
Only partially. A correlation of 0.51 means IWM and MATW 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 MATW?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.38 over the last year and 0.52 over 5 years.
Is MATW a good diversifier for IWM?
Only partially. A correlation of 0.51 means IWM and MATW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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-matw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-matw/)
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Related comparisons
Hubs: IWM correlations · MATW correlations
