IWM vs MGTX: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and MeiraGTx Holdings plc (MGTX) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MGTX?
Over the past 3 years, IWM and MGTX moved with a correlation of 0.49, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 753.9 %².
Within IWM's tracked universe of 320 assets, MGTX comes in at #246 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MGTX ahead by 61.7 points (+28.4% versus +90.1%). One caveat on sizing: MGTX is 3.9 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 MGTX: side by side
| IWM (iShares Russell 2000 ETF) | MGTX (MeiraGTx Holdings plc) | |
|---|---|---|
| 1-year return | +28.4% | +90.1% |
| 5-year return | +41.5% | +2.2% |
| Volatility (ann.) | 19.8% | 77.0% |
| Beta vs S&P 500 | 1.06 | 2.02 |
| Max drawdown (3Y) | -27.5% | -47.1% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 16.8 |
| 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 | MGTX |
|---|---|---|
| 2022 | -20.5% | -72.5% |
| 2023 | +16.8% | +7.7% |
| 2024 | +11.4% | -13.2% |
| 2025 | +12.7% | +30.5% |
| 2026 | +22.3% | +77.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MGTX good diversifiers for each other?
Reasonably. At 0.49, IWM and MGTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IWM and MGTX?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.50 over the last year and 0.46 over 5 years.
Is MGTX a good diversifier for IWM?
Reasonably. At 0.49, IWM and MGTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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-mgtx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-mgtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · MGTX correlations
