IWM vs PHR: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Phreesia, Inc. (PHR) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PHR?
On 3 years of weekly data the IWM/PHR correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.50 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 567.2 %².
Within IWM's tracked universe of 320 assets, PHR comes in at #232 by 3-year correlation. The last year tells two different stories: IWM led by 91.3 percentage points, +28.4% for IWM against -62.9% for PHR. Risk is not evenly split, since PHR carries 2.9 times the volatility of the other side.
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 PHR: side by side
| IWM (iShares Russell 2000 ETF) | PHR (Phreesia, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -62.9% |
| 5-year return | +41.5% | -83.5% |
| Volatility (ann.) | 19.8% | 57.6% |
| Beta vs S&P 500 | 1.06 | 1.57 |
| Max drawdown (3Y) | -27.5% | -75.2% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 74.1 |
| Dividend yield | 0.91% | 0.00% |
| 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 | PHR |
|---|---|---|
| 2022 | -20.5% | -22.3% |
| 2023 | +16.8% | -28.5% |
| 2024 | +11.4% | +8.7% |
| 2025 | +12.7% | -32.8% |
| 2026 | +22.3% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and PHR good diversifiers for each other?
Only partially. A correlation of 0.50 means IWM and PHR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IWM and PHR?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.25 over the last year and 0.52 over 5 years.
Is PHR a good diversifier for IWM?
Only partially. A correlation of 0.50 means IWM and PHR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-phr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-phr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · PHR correlations
