IWM vs MLI: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Mueller Industries, Inc. (MLI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MLI?
Across a 3-year window, the weekly returns of IWM and MLI correlate at 0.51, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.51). Stretching to 5 years gives 0.55, with an annualized covariance of 319.6 %².
By 3-year correlation, MLI places #218 of the 320 assets tracked against IWM. The trailing year gives MLI the advantage: +28.4% versus +34.4%, a 6.0-point spread. One caveat on sizing: MLI is 1.6 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 MLI: side by side
| IWM (iShares Russell 2000 ETF) | MLI (Mueller Industries, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +34.4% |
| 5-year return | +41.5% | +509.6% |
| Volatility (ann.) | 19.8% | 31.5% |
| Beta vs S&P 500 | 1.06 | 0.93 |
| Max drawdown (3Y) | -27.5% | -27.8% |
| Market cap | – | $14.2B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | 0.91% | 0.94% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
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 | MLI |
|---|---|---|
| 2022 | -20.5% | +1.0% |
| 2023 | +16.8% | +62.4% |
| 2024 | +11.4% | +70.5% |
| 2025 | +12.7% | +46.3% |
| 2026 | +22.3% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MLI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and MLI?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.24 over the last year and 0.55 over 5 years.
Is MLI a good diversifier for IWM?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: IWM correlations · MLI correlations
