IWM vs PRVA: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Privia Health Group, Inc. (PRVA) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and PRVA?
Across a 3-year window, the weekly returns of IWM and PRVA correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.43, with an annualized covariance of 330.8 %².
By 3-year correlation, PRVA places #254 of the 320 assets tracked against IWM. The last year tells two different stories: IWM led by 32.5 percentage points, +28.4% for IWM against -4.1% for PRVA. Note the risk asymmetry: PRVA runs 1.8 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 PRVA: side by side
| IWM (iShares Russell 2000 ETF) | PRVA (Privia Health Group, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -4.1% |
| 5-year return | +41.5% | -36.0% |
| Volatility (ann.) | 19.8% | 34.7% |
| Beta vs S&P 500 | 1.06 | 0.73 |
| Max drawdown (3Y) | -27.5% | -40.0% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 94.8 |
| 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 | PRVA |
|---|---|---|
| 2022 | -20.5% | -12.2% |
| 2023 | +16.8% | +1.4% |
| 2024 | +11.4% | -15.1% |
| 2025 | +12.7% | +21.3% |
| 2026 | +22.3% | -12.0% |
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 PRVA at a 0.08% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and PRVA good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IWM and PRVA?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.30 over the last year and 0.43 over 5 years.
Is PRVA a good diversifier for IWM?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: IWM correlations · PRVA correlations
