IWM vs MLR: Correlation
iShares Russell 2000 ETF (IWM) and Miller Industries, Inc. (MLR) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MLR?
Over the past 3 years, IWM and MLR moved with a correlation of 0.61, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.61 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 382.6 %².
By 3-year correlation, MLR places #106 of the 320 assets tracked against IWM. On 12-month performance MLR holds a 5.0-point edge, +28.4% against +33.4%. Risk is not evenly split, since MLR carries 1.6 times the volatility of the other side.
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 MLR: side by side
| IWM (iShares Russell 2000 ETF) | MLR (Miller Industries, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +33.4% |
| 5-year return | +41.5% | +70.2% |
| Volatility (ann.) | 19.8% | 31.9% |
| Beta vs S&P 500 | 1.06 | 0.88 |
| Max drawdown (3Y) | -27.5% | -52.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 46.3 |
| Dividend yield | 0.91% | 1.43% |
| 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 | MLR |
|---|---|---|
| 2022 | -20.5% | -17.9% |
| 2023 | +16.8% | +61.8% |
| 2024 | +11.4% | +56.6% |
| 2025 | +12.7% | -41.7% |
| 2026 | +22.3% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MLR good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and MLR?
The IWM/MLR correlation stands at 0.61 on a 3-year window (1 year: 0.36, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MLR a good diversifier for IWM?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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-mlr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-mlr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · MLR correlations
