IWM vs SMTC: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Semtech Corporation (SMTC) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SMTC?
Over the past 3 years, IWM and SMTC moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 694.9 %².
Among the 320 assets we track against IWM, SMTC ranks #221 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMTC outperformed by 116.6 percentage points (+28.4% for IWM against +145.0% for SMTC). Note the risk asymmetry: SMTC runs 3.4 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 SMTC: side by side
| IWM (iShares Russell 2000 ETF) | SMTC (Semtech Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +145.0% |
| 5-year return | +41.5% | +103.9% |
| Volatility (ann.) | 19.8% | 68.2% |
| Beta vs S&P 500 | 1.06 | 2.23 |
| Max drawdown (3Y) | -27.5% | -68.5% |
| Market cap | – | $13.3B |
| 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 |
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 | SMTC |
|---|---|---|
| 2022 | -20.5% | -67.7% |
| 2023 | +16.8% | -23.6% |
| 2024 | +11.4% | +182.3% |
| 2025 | +12.7% | +19.1% |
| 2026 | +22.3% | +93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and SMTC good diversifiers for each other?
Only partially. A correlation of 0.51 means IWM and SMTC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IWM and SMTC?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.58 over the last year and 0.50 over 5 years.
Is SMTC a good diversifier for IWM?
Only partially. A correlation of 0.51 means IWM and SMTC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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-smtc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-smtc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · SMTC correlations
