IWM vs SPHR: Correlation
iShares Russell 2000 ETF (IWM) and Sphere Entertainment Co. (SPHR) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SPHR?
On 3 years of weekly data the IWM/SPHR correlation comes out at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.48 over 3 years. The 5-year figure is 0.48, and annualized covariance runs at 489.7 %².
Within IWM's tracked universe of 320 assets, SPHR comes in at #257 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPHR outperformed by 214.3 percentage points (+28.4% for IWM against +242.7% for SPHR). Risk is not evenly split, since SPHR carries 2.6 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 SPHR: side by side
| IWM (iShares Russell 2000 ETF) | SPHR (Sphere Entertainment Co.) | |
|---|---|---|
| 1-year return | +28.4% | +242.7% |
| 5-year return | +41.5% | +308.6% |
| Volatility (ann.) | 19.8% | 51.1% |
| Beta vs S&P 500 | 1.06 | 1.54 |
| Max drawdown (3Y) | -27.5% | -52.3% |
| Market cap | – | $5.3B |
| 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 |
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 | SPHR |
|---|---|---|
| 2022 | -20.5% | -36.1% |
| 2023 | +16.8% | +63.5% |
| 2024 | +11.4% | +18.7% |
| 2025 | +12.7% | +135.8% |
| 2026 | +22.3% | +55.0% |
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 SPHR at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and SPHR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IWM and SPHR?
The IWM/SPHR correlation stands at 0.48 on a 3-year window (1 year: 0.36, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SPHR a good diversifier for IWM?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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-sphr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-sphr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · SPHR correlations
