IWM vs MNKD: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and MannKind Corporation (MNKD) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MNKD?
Across a 3-year window, the weekly returns of IWM and MNKD correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 484.4 %².
Among the 320 assets we track against IWM, MNKD ranks #293 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 38.6 percentage points (+28.4% for IWM against -10.2% for MNKD). Risk is not evenly split, since MNKD carries 2.9 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 MNKD: side by side
| IWM (iShares Russell 2000 ETF) | MNKD (MannKind Corporation) | |
|---|---|---|
| 1-year return | +28.4% | -10.2% |
| 5-year return | +41.5% | -13.8% |
| Volatility (ann.) | 19.8% | 57.7% |
| Beta vs S&P 500 | 1.06 | 1.17 |
| Max drawdown (3Y) | -27.5% | -69.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | – |
| 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 | MNKD |
|---|---|---|
| 2022 | -20.5% | +20.6% |
| 2023 | +16.8% | -30.9% |
| 2024 | +11.4% | +76.6% |
| 2025 | +12.7% | -11.8% |
| 2026 | +22.3% | -28.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MNKD good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IWM and MNKD?
As of 2026-08-27, the correlation of weekly returns between IWM and MNKD is 0.42 over 3 years, 0.49 over 1 year and 0.41 over 5 years.
Is MNKD a good diversifier for IWM?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-mnkd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-mnkd/)
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Related comparisons
Hubs: IWM correlations · MNKD correlations
