IWM vs ONEW: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and OneWater Marine Inc. (ONEW) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and ONEW?
Across a 3-year window, the weekly returns of IWM and ONEW correlate at 0.62, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.55, with an annualized covariance of 720.3 %².
By 3-year correlation, ONEW places #100 of the 320 assets tracked against IWM. The last year tells two different stories: IWM led by 61.6 percentage points, +28.4% for IWM against -33.2% for ONEW. Note the risk asymmetry: ONEW runs 3.0 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 ONEW: side by side
| IWM (iShares Russell 2000 ETF) | ONEW (OneWater Marine Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -33.2% |
| 5-year return | +41.5% | -71.6% |
| Volatility (ann.) | 19.8% | 59.0% |
| Beta vs S&P 500 | 1.06 | 1.72 |
| Max drawdown (3Y) | -27.5% | -76.1% |
| Market cap | – | $0.2B |
| 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 | ONEW |
|---|---|---|
| 2022 | -20.5% | -53.1% |
| 2023 | +16.8% | +18.1% |
| 2024 | +11.4% | -48.6% |
| 2025 | +12.7% | -37.7% |
| 2026 | +22.3% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and ONEW good diversifiers for each other?
To a limited degree. At 0.62 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 ONEW?
As of 2026-08-27, the correlation of weekly returns between IWM and ONEW is 0.62 over 3 years, 0.62 over 1 year and 0.55 over 5 years.
Is ONEW a good diversifier for IWM?
To a limited degree. At 0.62 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 0.62 mean?
On the −1 to +1 scale, 0.62 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-onew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-onew/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · ONEW correlations
