IWM vs TMCI: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Treace Medical Concepts, Inc. (TMCI) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TMCI?
On 3 years of weekly data the IWM/TMCI correlation comes out at 0.56, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 1021.9 %².
By 3-year correlation, TMCI places #166 of the 320 assets tracked against IWM. The last year tells two different stories: IWM led by 66.4 percentage points, +28.4% for IWM against -38.0% for TMCI. Risk is not evenly split, since TMCI carries 4.7 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 TMCI: side by side
| IWM (iShares Russell 2000 ETF) | TMCI (Treace Medical Concepts, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -38.0% |
| 5-year return | +41.5% | -81.5% |
| Volatility (ann.) | 19.8% | 92.1% |
| Beta vs S&P 500 | 1.06 | 2.37 |
| Max drawdown (3Y) | -27.5% | -92.6% |
| Market cap | – | $0.3B |
| 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 | TMCI |
|---|---|---|
| 2022 | -20.5% | +23.3% |
| 2023 | +16.8% | -44.5% |
| 2024 | +11.4% | -41.6% |
| 2025 | +12.7% | -67.1% |
| 2026 | +22.3% | +87.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and TMCI good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and TMCI?
The IWM/TMCI correlation stands at 0.56 on a 3-year window (1 year: 0.53, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is TMCI a good diversifier for IWM?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-tmci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-tmci/)
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Related comparisons
Hubs: IWM correlations · TMCI correlations
