IWM vs POWW: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Outdoor Holding Company (POWW) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and POWW?
Across a 3-year window, the weekly returns of IWM and POWW correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 494.3 %².
Among the 320 assets we track against IWM, POWW ranks #277 by 3-year correlation. Correlation aside, the last 12 months split them widely, with POWW ahead by 17.6 points (+28.4% versus +46.0%). Note the risk asymmetry: POWW runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 POWW: side by side
| IWM (iShares Russell 2000 ETF) | POWW (Outdoor Holding Company) | |
|---|---|---|
| 1-year return | +28.4% | +46.0% |
| 5-year return | +41.5% | -70.6% |
| Volatility (ann.) | 19.8% | 54.9% |
| Beta vs S&P 500 | 1.06 | 0.93 |
| Max drawdown (3Y) | -27.5% | -67.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 109.5 |
| 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, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | POWW |
|---|---|---|
| 2022 | -20.5% | -68.3% |
| 2023 | +16.8% | +21.4% |
| 2024 | +11.4% | -47.6% |
| 2025 | +12.7% | +55.5% |
| 2026 | +22.3% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and POWW good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IWM and POWW?
The IWM/POWW correlation stands at 0.45 on a 3-year window (1 year: 0.41, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is POWW a good diversifier for IWM?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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-poww.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-poww/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · POWW correlations
