IWM vs MOV: Correlation
iShares Russell 2000 ETF (IWM) and Movado Group Inc. (MOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MOV?
On 3 years of weekly data the IWM/MOV correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 434.9 %².
Among the 320 assets we track against IWM, MOV ranks #161 by 3-year correlation. The last year tells two different stories: MOV led by 80.8 percentage points, +28.4% for IWM against +109.2% for MOV. One caveat on sizing: MOV is 2.0 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 MOV: side by side
| IWM (iShares Russell 2000 ETF) | MOV (Movado Group Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +109.2% |
| 5-year return | +41.5% | +29.6% |
| Volatility (ann.) | 19.8% | 39.1% |
| Beta vs S&P 500 | 1.06 | 1.15 |
| Max drawdown (3Y) | -27.5% | -55.1% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 19.4 |
| Dividend yield | 0.91% | 2.00% |
| 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 | MOV |
|---|---|---|
| 2022 | -20.5% | -19.7% |
| 2023 | +16.8% | +2.0% |
| 2024 | +11.4% | -30.6% |
| 2025 | +12.7% | +13.9% |
| 2026 | +22.3% | +71.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MOV good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IWM and MOV?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.52 over the last year and 0.53 over 5 years.
Is MOV a good diversifier for IWM?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 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-mov.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-mov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · MOV correlations
