IWM vs NGVT: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Ingevity Corporation (NGVT) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and NGVT?
Across a 3-year window, the weekly returns of IWM and NGVT correlate at 0.64, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 615.1 %².
By 3-year correlation, NGVT places #76 of the 320 assets tracked against IWM. Over the last 12 months IWM came out ahead by 6.9 percentage points (+28.4% against +21.5%). Risk is not evenly split, since NGVT carries 2.5 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 NGVT: side by side
| IWM (iShares Russell 2000 ETF) | NGVT (Ingevity Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +21.5% |
| 5-year return | +41.5% | -14.1% |
| Volatility (ann.) | 19.8% | 48.8% |
| Beta vs S&P 500 | 1.06 | 1.39 |
| Max drawdown (3Y) | -27.5% | -45.8% |
| Market cap | – | $2.4B |
| P/E (trailing) | – | 98.2 |
| 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 | NGVT |
|---|---|---|
| 2022 | -20.5% | -1.8% |
| 2023 | +16.8% | -33.0% |
| 2024 | +11.4% | -13.7% |
| 2025 | +12.7% | +45.2% |
| 2026 | +22.3% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of IWM is NGVT itself, so the fund partly moves with the stock by construction.
Are IWM and NGVT good diversifiers for each other?
To a limited degree. At 0.64 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 NGVT?
As of 2026-08-27, the correlation of weekly returns between IWM and NGVT is 0.64 over 3 years, 0.58 over 1 year and 0.62 over 5 years.
Is NGVT a good diversifier for IWM?
To a limited degree. At 0.64 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 0.64 mean?
On the −1 to +1 scale, 0.64 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-ngvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-ngvt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · NGVT correlations
