IWM vs PBI: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Pitney Bowes Inc. (PBI) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PBI?
On 3 years of weekly data the IWM/PBI correlation comes out at 0.46, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.46). The 5-year figure is 0.47, and annualized covariance runs at 472.0 %².
Within IWM's tracked universe of 320 assets, PBI comes in at #272 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PBI ahead by 16.3 points (+28.4% versus +44.7%). One caveat on sizing: PBI is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PBI: side by side
| IWM (iShares Russell 2000 ETF) | PBI (Pitney Bowes Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +44.7% |
| 5-year return | +41.5% | +183.6% |
| Volatility (ann.) | 19.8% | 51.4% |
| Beta vs S&P 500 | 1.06 | 1.50 |
| Max drawdown (3Y) | -27.5% | -28.3% |
| Market cap | – | $2.4B |
| P/E (trailing) | – | 14.0 |
| Dividend yield | 0.91% | 2.12% |
| 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 | PBI |
|---|---|---|
| 2022 | -20.5% | -39.7% |
| 2023 | +16.8% | +22.2% |
| 2024 | +11.4% | +70.6% |
| 2025 | +12.7% | +50.4% |
| 2026 | +22.3% | +66.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
PBI represents 0.05% of IWM's portfolio, so part of any move in IWM is PBI itself, and the correlation between them is partly mechanical.
Are IWM and PBI good diversifiers for each other?
Reasonably. At 0.46, IWM and PBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IWM and PBI?
The IWM/PBI correlation stands at 0.46 on a 3-year window (1 year: 0.30, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is PBI a good diversifier for IWM?
Reasonably. At 0.46, IWM and PBI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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-pbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-pbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · PBI correlations
