IWM vs OBIO: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Orchestra BioMed Holdings, Inc. (OBIO) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and OBIO?
Over the past 3 years, IWM and OBIO moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 657.1 %².
Among the 320 assets we track against IWM, OBIO ranks #294 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OBIO ahead by 51.5 points (+28.4% versus +79.9%). Risk is not evenly split, since OBIO carries 4.0 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 OBIO: side by side
| IWM (iShares Russell 2000 ETF) | OBIO (Orchestra BioMed Holdings, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +79.9% |
| 5-year return | +41.5% | -47.8% |
| Volatility (ann.) | 19.8% | 79.5% |
| Beta vs S&P 500 | 1.06 | 1.75 |
| Max drawdown (3Y) | -27.5% | -78.2% |
| 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 |
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 | OBIO |
|---|---|---|
| 2022 | -20.5% | -1.0% |
| 2023 | +16.8% | -8.5% |
| 2024 | +11.4% | -56.2% |
| 2025 | +12.7% | +3.8% |
| 2026 | +22.3% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and OBIO good diversifiers for each other?
Reasonably. At 0.42, IWM and OBIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IWM and OBIO?
As of 2026-08-27, the correlation of weekly returns between IWM and OBIO is 0.42 over 3 years, 0.23 over 1 year and 0.24 over 5 years.
Is OBIO a good diversifier for IWM?
Reasonably. At 0.42, IWM and OBIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-obio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-obio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · OBIO correlations
