IWM vs OSIS: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and OSI Systems, Inc. (OSIS) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and OSIS?
Across a 3-year window, the weekly returns of IWM and OSIS correlate at 0.61, strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 460.2 %².
Among the 320 assets we track against IWM, OSIS ranks #108 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 36.9 points (+28.4% versus -8.5%). Note the risk asymmetry: OSIS runs 1.9 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 OSIS: side by side
| IWM (iShares Russell 2000 ETF) | OSIS (OSI Systems, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -8.5% |
| 5-year return | +41.5% | +113.6% |
| Volatility (ann.) | 19.8% | 38.1% |
| Beta vs S&P 500 | 1.06 | 1.39 |
| Max drawdown (3Y) | -27.5% | -36.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | 23.6 |
| 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 | OSIS |
|---|---|---|
| 2022 | -20.5% | -14.7% |
| 2023 | +16.8% | +62.3% |
| 2024 | +11.4% | +29.7% |
| 2025 | +12.7% | +52.3% |
| 2026 | +22.3% | -17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IWM holds OSIS at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and OSIS good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and OSIS?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.54 over the last year and 0.58 over 5 years.
Is OSIS a good diversifier for IWM?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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-osis.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-osis/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · OSIS correlations
