IWM vs MXC: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Mexco Energy Corporation (MXC) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MXC?
Over the past 3 years, IWM and MXC moved with a correlation of -0.14, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is -170.7 %².
Out of 320 assets tracked against IWM, MXC lands near the bottom at #317. The trailing year gives IWM the advantage: +28.4% versus +21.6%, a 6.8-point spread. One caveat on sizing: MXC is 3.1 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 MXC: side by side
| IWM (iShares Russell 2000 ETF) | MXC (Mexco Energy Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +21.6% |
| 5-year return | +41.5% | +7.2% |
| Volatility (ann.) | 19.8% | 62.1% |
| Beta vs S&P 500 | 1.06 | -0.31 |
| Max drawdown (3Y) | -27.5% | -60.6% |
| Market cap | – | – |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 0.91% | 1.02% |
| 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 | MXC |
|---|---|---|
| 2022 | -20.5% | +33.0% |
| 2023 | +16.8% | -26.2% |
| 2024 | +11.4% | +24.6% |
| 2025 | +12.7% | -10.8% |
| 2026 | +22.3% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and MXC good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between IWM and MXC?
The IWM/MXC correlation stands at -0.14 on a 3-year window (1 year: -0.24, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is MXC a good diversifier for IWM?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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-mxc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-mxc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · MXC correlations
