IWM vs NNBR: Correlation
iShares Russell 2000 ETF (IWM) and NN, Inc. (NNBR) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and NNBR?
Over the past 3 years, IWM and NNBR moved with a correlation of 0.50, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 757.3 %².
Among the 320 assets we track against IWM, NNBR ranks #230 by 3-year correlation. The trailing year gives NNBR the advantage: +28.4% versus +40.0%, a 11.6-point spread. Note the risk asymmetry: NNBR runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NNBR: side by side
| IWM (iShares Russell 2000 ETF) | NNBR (NN, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +40.0% |
| 5-year return | +41.5% | -34.0% |
| Volatility (ann.) | 19.8% | 76.0% |
| Beta vs S&P 500 | 1.06 | 2.49 |
| Max drawdown (3Y) | -27.5% | -77.8% |
| 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 is a Small Blend fund from iShares: $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | NNBR |
|---|---|---|
| 2022 | -20.5% | -63.4% |
| 2023 | +16.8% | +166.7% |
| 2024 | +11.4% | -18.3% |
| 2025 | +12.7% | -60.9% |
| 2026 | +22.3% | +178.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and NNBR good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and NNBR?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.40 over the last year and 0.44 over 5 years.
Is NNBR a good diversifier for IWM?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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.
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Related comparisons
Hubs: IWM correlations · NNBR correlations
