IWM vs RVT: Correlation
iShares Russell 2000 ETF (IWM) and Royce Small-Cap Trust, Inc. (RVT) show a very strong relationship: their 3-year correlation of weekly returns is 0.93.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and RVT?
Across a 3-year window, the weekly returns of IWM and RVT correlate at 0.93, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Stretching to 5 years gives 0.92, with an annualized covariance of 351.4 %².
In IWM's tracked universe of 320 assets, RVT sits right near the top at #3. Their 12-month results are close: +28.4% for IWM against +27.4% for RVT.
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 RVT: side by side
| IWM (iShares Russell 2000 ETF) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +27.4% |
| 5-year return | +41.5% | +53.9% |
| Volatility (ann.) | 19.8% | 19.1% |
| Beta vs S&P 500 | 1.06 | 0.99 |
| Max drawdown (3Y) | -27.5% | -23.5% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 6.5 |
| 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 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 | RVT |
|---|---|---|
| 2022 | -20.5% | -26.3% |
| 2023 | +16.8% | +18.8% |
| 2024 | +11.4% | +17.9% |
| 2025 | +12.7% | +11.5% |
| 2026 | +22.3% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and RVT good diversifiers for each other?
No. With a correlation of 0.93, IWM and RVT move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IWM and RVT?
As of 2026-08-27, the correlation of weekly returns between IWM and RVT is 0.93 over 3 years, 0.88 over 1 year and 0.92 over 5 years.
Is RVT a good diversifier for IWM?
No. With a correlation of 0.93, IWM and RVT move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.93 mean?
A reading of 0.93 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-rvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-rvt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · RVT correlations
