IWM vs PAX: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Patria Investments Limited - Class A (PAX) 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 PAX?
On 3 years of weekly data the IWM/PAX correlation comes out at 0.61, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.61 over 3. The 5-year figure is 0.58, and annualized covariance runs at 351.2 %².
By 3-year correlation, PAX places #109 of the 320 assets tracked against IWM. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 37.2 percentage points (+28.4% for IWM against -8.8% for PAX).
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 PAX: side by side
| IWM (iShares Russell 2000 ETF) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | +28.4% | -8.8% |
| 5-year return | +41.5% | -3.0% |
| Volatility (ann.) | 19.8% | 28.8% |
| Beta vs S&P 500 | 1.06 | 0.98 |
| Max drawdown (3Y) | -27.5% | -37.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | 25.9 |
| Dividend yield | 0.91% | 5.28% |
| 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 | PAX |
|---|---|---|
| 2022 | -20.5% | -9.9% |
| 2023 | +16.8% | +18.9% |
| 2024 | +11.4% | -20.0% |
| 2025 | +12.7% | +43.1% |
| 2026 | +22.3% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and PAX 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 PAX?
As of 2026-08-27, the correlation of weekly returns between IWM and PAX is 0.61 over 3 years, 0.66 over 1 year and 0.58 over 5 years.
Is PAX 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-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-pax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · PAX correlations
