IWM vs PPLI: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and People Incorporated (PPLI) 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 PPLI?
On 3 years of weekly data the IWM/PPLI correlation comes out at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 377.9 %².
Among the 320 assets we track against IWM, PPLI ranks #136 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 21.4 points (+28.4% versus +7.0%). One caveat on sizing: PPLI is 1.6 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 PPLI: side by side
| IWM (iShares Russell 2000 ETF) | PPLI (People Incorporated) | |
|---|---|---|
| 1-year return | +28.4% | +7.0% |
| 5-year return | +41.5% | -63.8% |
| Volatility (ann.) | 19.8% | 32.1% |
| Beta vs S&P 500 | 1.06 | 0.98 |
| Max drawdown (3Y) | -27.5% | -33.4% |
| Market cap | – | $2.9B |
| P/E (trailing) | – | 6.6 |
| 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 | PPLI |
|---|---|---|
| 2022 | -20.5% | -66.0% |
| 2023 | +16.8% | +18.0% |
| 2024 | +11.4% | -17.6% |
| 2025 | +12.7% | +10.5% |
| 2026 | +22.3% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and PPLI 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 PPLI?
As of 2026-08-27, the correlation of weekly returns between IWM and PPLI is 0.59 over 3 years, 0.58 over 1 year and 0.57 over 5 years.
Is PPLI 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?
On the −1 to +1 scale, 0.59 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-ppli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-ppli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · PPLI correlations
