IWM vs TGLS: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Tecnoglass Holdings Inc. (TGLS) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TGLS?
Over the past 3 years, IWM and TGLS moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 422.5 %².
By 3-year correlation, TGLS places #223 of the 320 assets tracked against IWM. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 72.8 percentage points (+28.4% for IWM against -44.4% for TGLS). One caveat on sizing: TGLS is 2.1 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 TGLS: side by side
| IWM (iShares Russell 2000 ETF) | TGLS (Tecnoglass Holdings Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -44.4% |
| 5-year return | +41.5% | +85.6% |
| Volatility (ann.) | 19.8% | 41.6% |
| Beta vs S&P 500 | 1.06 | 1.28 |
| Max drawdown (3Y) | -27.5% | -56.8% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 0.91% | 1.47% |
| 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 | TGLS |
|---|---|---|
| 2022 | -20.5% | +18.9% |
| 2023 | +16.8% | +49.9% |
| 2024 | +11.4% | +74.9% |
| 2025 | +12.7% | -36.3% |
| 2026 | +22.3% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and TGLS good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IWM and TGLS?
As of 2026-08-27, the correlation of weekly returns between IWM and TGLS is 0.51 over 3 years, 0.44 over 1 year and 0.43 over 5 years.
Is TGLS a good diversifier for IWM?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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-tgls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-tgls/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IWM correlations · TGLS correlations
