IWM vs PLUS: Correlation
How closely do iShares Russell 2000 ETF (IWM) and ePlus inc. (PLUS) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PLUS?
Across a 3-year window, the weekly returns of IWM and PLUS correlate at 0.57, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.57). Stretching to 5 years gives 0.56, with an annualized covariance of 374.0 %².
Within IWM's tracked universe of 320 assets, PLUS comes in at #154 by 3-year correlation. On 12-month performance IWM holds a 6.1-point edge, +28.4% against +22.3%. Risk is not evenly split, since PLUS carries 1.7 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 PLUS: side by side
| IWM (iShares Russell 2000 ETF) | PLUS (ePlus inc.) | |
|---|---|---|
| 1-year return | +28.4% | +22.3% |
| 5-year return | +41.5% | +64.0% |
| Volatility (ann.) | 19.8% | 33.2% |
| Beta vs S&P 500 | 1.06 | 1.04 |
| Max drawdown (3Y) | -27.5% | -46.1% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 18.8 |
| Dividend yield | 0.91% | 1.18% |
| 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 | PLUS |
|---|---|---|
| 2022 | -20.5% | -17.8% |
| 2023 | +16.8% | +80.3% |
| 2024 | +11.4% | -7.5% |
| 2025 | +12.7% | +19.4% |
| 2026 | +22.3% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
PLUS represents 0.07% of IWM's portfolio, so part of any move in IWM is PLUS itself, and the correlation between them is partly mechanical.
Are IWM and PLUS good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and PLUS?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.19 over the last year and 0.56 over 5 years.
Is PLUS a good diversifier for IWM?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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.
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Related comparisons
Hubs: IWM correlations · PLUS correlations
