IWM vs SW: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Smurfit Westrock (SW) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and SW?
Over the past 3 years, IWM and SW moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 433.0 %².
Within IWM's tracked universe of 320 assets, SW comes in at #172 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 18.7 points (+28.4% versus +9.7%). The rolling one-year correlation stayed in a tight band between 0.48 and 0.66 over the past three years, which points to a structural rather than episodic relationship. Note the risk asymmetry: SW runs 2.0 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 SW: side by side
| IWM (iShares Russell 2000 ETF) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +28.4% | +9.7% |
| 5-year return | +41.5% | +2.6% |
| Volatility (ann.) | 19.8% | 40.1% |
| Beta vs S&P 500 | 1.06 | 0.92 |
| Max drawdown (3Y) | -27.5% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 0.91% | 3.57% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | Materials |
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 | SW |
|---|---|---|
| 2022 | -20.5% | -28.0% |
| 2023 | +16.8% | +14.1% |
| 2024 | +11.4% | +37.6% |
| 2025 | +12.7% | -26.2% |
| 2026 | +22.3% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and SW good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and SW?
As of 2026-08-27, the correlation of weekly returns between IWM and SW is 0.55 over 3 years, 0.50 over 1 year and 0.53 over 5 years.
Is SW a good diversifier for IWM?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · SW correlations
