IWM vs SBH: Correlation
iShares Russell 2000 ETF (IWM) and Sally Beauty Holdings, Inc. Commo (SBH) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SBH?
Across a 3-year window, the weekly returns of IWM and SBH correlate at 0.54, moderate. The past 12 months show a tighter link (0.69) than the 3-year average (0.54). Stretching to 5 years gives 0.54, with an annualized covariance of 484.1 %².
By 3-year correlation, SBH places #183 of the 320 assets tracked against IWM. On 12-month performance IWM holds a 11.9-point edge, +28.4% against +16.5%. Risk is not evenly split, since SBH carries 2.3 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 SBH: side by side
| IWM (iShares Russell 2000 ETF) | SBH (Sally Beauty Holdings, Inc. Commo) | |
|---|---|---|
| 1-year return | +28.4% | +16.5% |
| 5-year return | +41.5% | -12.3% |
| Volatility (ann.) | 19.8% | 45.3% |
| Beta vs S&P 500 | 1.06 | 1.15 |
| Max drawdown (3Y) | -27.5% | -45.2% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 8.6 |
| 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 | SBH |
|---|---|---|
| 2022 | -20.5% | -32.2% |
| 2023 | +16.8% | +6.1% |
| 2024 | +11.4% | -21.3% |
| 2025 | +12.7% | +36.5% |
| 2026 | +22.3% | +15.1% |
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 SBH at a 0.05% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and SBH good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IWM and SBH?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.69 over the last year and 0.54 over 5 years.
Is SBH a good diversifier for IWM?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 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-sbh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-sbh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · SBH correlations
