IWM vs TDUP: Correlation
iShares Russell 2000 ETF (IWM) and ThredUp Inc. (TDUP) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TDUP?
Across a 3-year window, the weekly returns of IWM and TDUP correlate at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.50). Stretching to 5 years gives 0.42, with an annualized covariance of 1156.8 %².
Within IWM's tracked universe of 320 assets, TDUP comes in at #237 by 3-year correlation. The last year tells two different stories: IWM led by 105.1 percentage points, +28.4% for IWM against -76.7% for TDUP. One caveat on sizing: TDUP is 5.9 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 TDUP: side by side
| IWM (iShares Russell 2000 ETF) | TDUP (ThredUp Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -76.7% |
| 5-year return | +41.5% | -86.2% |
| Volatility (ann.) | 19.8% | 117.6% |
| Beta vs S&P 500 | 1.06 | 2.72 |
| Max drawdown (3Y) | -27.5% | -87.2% |
| Market cap | – | $0.4B |
| 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 | TDUP |
|---|---|---|
| 2022 | -20.5% | -89.7% |
| 2023 | +16.8% | +71.8% |
| 2024 | +11.4% | -38.2% |
| 2025 | +12.7% | +359.7% |
| 2026 | +22.3% | -58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and TDUP good diversifiers for each other?
Only partially. A correlation of 0.50 means IWM and TDUP 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 TDUP?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.38 over the last year and 0.42 over 5 years.
Is TDUP a good diversifier for IWM?
Only partially. A correlation of 0.50 means IWM and TDUP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-tdup.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-tdup/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · TDUP correlations
