IWM vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.84, a very strong link. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SPYV?
On 3 years of weekly data the IWM/SPYV correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 201.6 %².
By 3-year correlation, SPYV places #6 of the 320 assets tracked against IWM. On 12-month performance IWM holds a 9.9-point edge, +28.4% against +18.5%. The rolling one-year correlation stayed in a tight band between 0.78 and 0.92 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: IWM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPYV: side by side
| IWM (iShares Russell 2000 ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +28.4% | +18.5% |
| 5-year return | +41.5% | +73.5% |
| Volatility (ann.) | 19.8% | 12.1% |
| Beta vs S&P 500 | 1.06 | 0.70 |
| Max drawdown (3Y) | -27.5% | -17.5% |
| Dividend yield | 0.91% | 1.69% |
| Expense ratio | 0.19% | 0.04% |
| Assets under management | $80.1B | $36.2B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between IWM and SPYV
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by IWM: MOGA (0.35%), UMBF (0.34%), CYTK (0.33%), GKOS (0.33%), EAT (0.33%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | IWM | SPYV |
|---|---|---|
| 2022 | -20.5% | -5.3% |
| 2023 | +16.8% | +22.2% |
| 2024 | +11.4% | +12.2% |
| 2025 | +12.7% | +13.2% |
| 2026 | +22.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and SPYV good diversifiers for each other?
No. With a correlation of 0.84, IWM and SPYV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between IWM and SPYV?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.79 over the last year and 0.86 over 5 years.
Is SPYV a good diversifier for IWM?
No. With a correlation of 0.84, IWM and SPYV move nearly in lockstep, so holding both adds very little diversification.
How much do IWM and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · SPYV correlations
