IWM vs TCRT: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Alaunos Therapeutics, Inc. (TCRT) trade together? Their weekly returns over three years give a correlation of -0.13, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TCRT?
Over the past 3 years, IWM and TCRT moved with a correlation of -0.13, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.04) sits close to the 3-year figure. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -302.1 %².
TCRT is close to the least connected end of IWM's tracked universe, ranking #316 of 320. Correlation aside, the last 12 months split them widely, with IWM ahead by 40.6 points (+28.4% versus -12.2%). Risk is not evenly split, since TCRT carries 6.2 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 TCRT: side by side
| IWM (iShares Russell 2000 ETF) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -12.2% |
| 5-year return | +41.5% | -99.3% |
| Volatility (ann.) | 19.8% | 121.9% |
| Beta vs S&P 500 | 1.06 | -1.11 |
| Max drawdown (3Y) | -27.5% | -95.0% |
| Market cap | – | – |
| 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 | TCRT |
|---|---|---|
| 2022 | -20.5% | -40.4% |
| 2023 | +16.8% | -89.2% |
| 2024 | +11.4% | -81.8% |
| 2025 | +12.7% | +69.1% |
| 2026 | +22.3% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and TCRT good diversifiers for each other?
Yes. With a correlation of -0.13, IWM and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IWM and TCRT?
Using weekly returns as of 2026-08-27: -0.13 over 3 years, with -0.04 over the last year and 0.01 over 5 years.
Is TCRT a good diversifier for IWM?
Yes. With a correlation of -0.13, IWM and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.13 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-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · TCRT correlations
