IWM vs RDNW: Correlation
iShares Russell 2000 ETF (IWM) and RideNow Group, Inc. (RDNW) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and RDNW?
Across a 3-year window, the weekly returns of IWM and RDNW correlate at 0.50, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.50). Stretching to 5 years gives 0.47, with an annualized covariance of 804.1 %².
Within IWM's tracked universe of 320 assets, RDNW comes in at #235 by 3-year correlation. The last year tells two different stories: RDNW led by 44.6 percentage points, +28.4% for IWM against +73.0% for RDNW. Risk is not evenly split, since RDNW carries 4.1 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 RDNW: side by side
| IWM (iShares Russell 2000 ETF) | RDNW (RideNow Group, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +73.0% |
| 5-year return | +41.5% | -83.4% |
| Volatility (ann.) | 19.8% | 80.4% |
| Beta vs S&P 500 | 1.06 | 2.03 |
| Max drawdown (3Y) | -27.5% | -82.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| 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 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 | RDNW |
|---|---|---|
| 2022 | -20.5% | -84.4% |
| 2023 | +16.8% | +25.8% |
| 2024 | +11.4% | -33.3% |
| 2025 | +12.7% | +1.7% |
| 2026 | +22.3% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and RDNW good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and RDNW?
The IWM/RDNW correlation stands at 0.50 on a 3-year window (1 year: 0.15, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is RDNW a good diversifier for IWM?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-rdnw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-rdnw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · RDNW correlations
