IWM vs MTRN: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Materion Corporation (MTRN) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MTRN?
Over the past 3 years, IWM and MTRN moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 555.0 %².
By 3-year correlation, MTRN places #107 of the 320 assets tracked against IWM. Their recent paths diverged sharply: over the last 12 months MTRN outperformed by 95.2 percentage points (+28.4% for IWM against +123.6% for MTRN). Risk is not evenly split, since MTRN carries 2.3 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 MTRN: side by side
| IWM (iShares Russell 2000 ETF) | MTRN (Materion Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +123.6% |
| 5-year return | +41.5% | +248.3% |
| Volatility (ann.) | 19.8% | 45.7% |
| Beta vs S&P 500 | 1.06 | 1.51 |
| Max drawdown (3Y) | -27.5% | -47.8% |
| Market cap | – | $5.1B |
| P/E (trailing) | – | 54.9 |
| Dividend yield | 0.91% | 0.24% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, IWM sits in the Small Blend category at iShares, with $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | MTRN |
|---|---|---|
| 2022 | -20.5% | -4.3% |
| 2023 | +16.8% | +49.4% |
| 2024 | +11.4% | -23.7% |
| 2025 | +12.7% | +26.4% |
| 2026 | +22.3% | +98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.16% of IWM is MTRN itself, so the fund partly moves with the stock by construction.
Are IWM and MTRN 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 MTRN?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.60 over the last year and 0.61 over 5 years.
Is MTRN 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?
On the −1 to +1 scale, 0.61 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-mtrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-mtrn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · MTRN correlations
