IWM vs TPC: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Tutor Perini Corporation (TPC) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TPC?
Across a 3-year window, the weekly returns of IWM and TPC correlate at 0.51, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.51 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 631.5 %².
By 3-year correlation, TPC places #224 of the 320 assets tracked against IWM. Correlation aside, the last 12 months split them widely, with TPC ahead by 28.5 points (+28.4% versus +56.9%). Risk is not evenly split, since TPC carries 3.1 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 TPC: side by side
| IWM (iShares Russell 2000 ETF) | TPC (Tutor Perini Corporation) | |
|---|---|---|
| 1-year return | +28.4% | +56.9% |
| 5-year return | +41.5% | +541.7% |
| Volatility (ann.) | 19.8% | 62.0% |
| Beta vs S&P 500 | 1.06 | 1.63 |
| Max drawdown (3Y) | -27.5% | -40.9% |
| Market cap | – | $4.8B |
| P/E (trailing) | – | 39.6 |
| Dividend yield | 0.91% | 0.20% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
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 | TPC |
|---|---|---|
| 2022 | -20.5% | -39.0% |
| 2023 | +16.8% | +20.5% |
| 2024 | +11.4% | +165.9% |
| 2025 | +12.7% | +177.2% |
| 2026 | +22.3% | +37.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TPC represents 0.13% of IWM's portfolio, so part of any move in IWM is TPC itself, and the correlation between them is partly mechanical.
Are IWM and TPC 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 TPC?
As of 2026-08-27, the correlation of weekly returns between IWM and TPC is 0.51 over 3 years, 0.44 over 1 year and 0.49 over 5 years.
Is TPC 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?
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-tpc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-tpc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · TPC correlations
