IWM vs NAVI: Correlation
iShares Russell 2000 ETF (IWM) and Navient Corporation (NAVI) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and NAVI?
Across a 3-year window, the weekly returns of IWM and NAVI correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 397.4 %².
Within IWM's tracked universe of 320 assets, NAVI comes in at #85 by 3-year correlation. The last year tells two different stories: IWM led by 55.3 percentage points, +28.4% for IWM against -26.9% for NAVI. One caveat on sizing: NAVI is 1.6 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 NAVI: side by side
| IWM (iShares Russell 2000 ETF) | NAVI (Navient Corporation) | |
|---|---|---|
| 1-year return | +28.4% | -26.9% |
| 5-year return | +41.5% | -49.1% |
| Volatility (ann.) | 19.8% | 32.0% |
| Beta vs S&P 500 | 1.06 | 0.99 |
| Max drawdown (3Y) | -27.5% | -57.6% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 6.83% |
| 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 | NAVI |
|---|---|---|
| 2022 | -20.5% | -19.3% |
| 2023 | +16.8% | +17.6% |
| 2024 | +11.4% | -25.6% |
| 2025 | +12.7% | +2.6% |
| 2026 | +22.3% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and NAVI good diversifiers for each other?
Only partially. A correlation of 0.63 means IWM and NAVI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IWM and NAVI?
The IWM/NAVI correlation stands at 0.63 on a 3-year window (1 year: 0.60, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is NAVI a good diversifier for IWM?
Only partially. A correlation of 0.63 means IWM and NAVI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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-navi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-navi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · NAVI correlations
