IWM vs MTRX: Correlation
iShares Russell 2000 ETF (IWM) and Matrix Service Company (MTRX) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MTRX?
Over the past 3 years, IWM and MTRX moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.46). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 471.0 %².
Within IWM's tracked universe of 320 assets, MTRX comes in at #271 by 3-year correlation. The last year tells two different stories: IWM led by 57.4 percentage points, +28.4% for IWM against -29.0% for MTRX. Risk is not evenly split, since MTRX carries 2.6 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 MTRX: side by side
| IWM (iShares Russell 2000 ETF) | MTRX (Matrix Service Company) | |
|---|---|---|
| 1-year return | +28.4% | -29.0% |
| 5-year return | +41.5% | -3.9% |
| Volatility (ann.) | 19.8% | 51.6% |
| Beta vs S&P 500 | 1.06 | 1.13 |
| Max drawdown (3Y) | -27.5% | -36.0% |
| Market cap | – | $0.3B |
| 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, 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 | MTRX |
|---|---|---|
| 2022 | -20.5% | -17.3% |
| 2023 | +16.8% | +57.2% |
| 2024 | +11.4% | +22.4% |
| 2025 | +12.7% | -2.3% |
| 2026 | +22.3% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MTRX good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IWM and MTRX?
The IWM/MTRX correlation stands at 0.46 on a 3-year window (1 year: 0.26, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is MTRX a good diversifier for IWM?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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-mtrx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-mtrx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · MTRX correlations
