IWM vs PRG: Correlation
How closely do iShares Russell 2000 ETF (IWM) and PROG Holdings, Inc. (PRG) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PRG?
On 3 years of weekly data the IWM/PRG correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 517.8 %².
Among the 320 assets we track against IWM, PRG ranks #162 by 3-year correlation. On 12-month performance IWM holds a 14.5-point edge, +28.4% against +13.9%. Note the risk asymmetry: PRG runs 2.4 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 PRG: side by side
| IWM (iShares Russell 2000 ETF) | PRG (PROG Holdings, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +13.9% |
| 5-year return | +41.5% | -13.8% |
| Volatility (ann.) | 19.8% | 46.7% |
| Beta vs S&P 500 | 1.06 | 1.07 |
| Max drawdown (3Y) | -27.5% | -51.9% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.91% | 1.36% |
| 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 | PRG |
|---|---|---|
| 2022 | -20.5% | -62.6% |
| 2023 | +16.8% | +83.0% |
| 2024 | +11.4% | +38.4% |
| 2025 | +12.7% | -29.0% |
| 2026 | +22.3% | +36.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IWM holds PRG at a 0.05% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and PRG good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and PRG?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.52 over the last year and 0.57 over 5 years.
Is PRG a good diversifier for IWM?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-prg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-prg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · PRG correlations
