IWM vs PCYO: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Pure Cycle Corporation (PCYO) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PCYO?
Across a 3-year window, the weekly returns of IWM and PCYO correlate at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 323.8 %².
Within IWM's tracked universe of 320 assets, PCYO comes in at #135 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 16.5 percentage points (+28.4% for IWM against +11.9% for PCYO).
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 PCYO: side by side
| IWM (iShares Russell 2000 ETF) | PCYO (Pure Cycle Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +11.9% |
| 5-year return | +41.5% | -24.0% |
| Volatility (ann.) | 19.8% | 27.7% |
| Beta vs S&P 500 | 1.06 | 0.73 |
| Max drawdown (3Y) | -27.5% | -33.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 18.7 |
| 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 | PCYO |
|---|---|---|
| 2022 | -20.5% | -28.2% |
| 2023 | +16.8% | -0.1% |
| 2024 | +11.4% | +21.1% |
| 2025 | +12.7% | -13.3% |
| 2026 | +22.3% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and PCYO good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and PCYO?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.51 over the last year and 0.53 over 5 years.
Is PCYO a good diversifier for IWM?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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-pcyo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-pcyo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · PCYO correlations
