IWM vs SGRY: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Surgery Partners, Inc. (SGRY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SGRY?
Across a 3-year window, the weekly returns of IWM and SGRY correlate at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 533.7 %².
By 3-year correlation, SGRY places #198 of the 320 assets tracked against IWM. Correlation aside, the last 12 months split them widely, with IWM ahead by 67.4 points (+28.4% versus -39.0%). Note the risk asymmetry: SGRY runs 2.6 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 SGRY: side by side
| IWM (iShares Russell 2000 ETF) | SGRY (Surgery Partners, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -39.0% |
| 5-year return | +41.5% | -71.6% |
| Volatility (ann.) | 19.8% | 51.2% |
| Beta vs S&P 500 | 1.06 | 1.30 |
| Max drawdown (3Y) | -27.5% | -69.3% |
| Market cap | – | $1.8B |
| 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 | SGRY |
|---|---|---|
| 2022 | -20.5% | -47.8% |
| 2023 | +16.8% | +14.8% |
| 2024 | +11.4% | -33.8% |
| 2025 | +12.7% | -27.0% |
| 2026 | +22.3% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and SGRY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and SGRY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.49 over the last year and 0.60 over 5 years.
Is SGRY a good diversifier for IWM?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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-sgry.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-sgry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · SGRY correlations
