IWM vs TSQ: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Townsquare Media, Inc. (TSQ) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and TSQ?
On 3 years of weekly data the IWM/TSQ correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 415.4 %².
By 3-year correlation, TSQ places #238 of the 320 assets tracked against IWM. Correlation aside, the last 12 months split them widely, with IWM ahead by 33.8 points (+28.4% versus -5.4%). One caveat on sizing: TSQ 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 TSQ: side by side
| IWM (iShares Russell 2000 ETF) | TSQ (Townsquare Media, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -5.4% |
| 5-year return | +41.5% | -37.3% |
| Volatility (ann.) | 19.8% | 41.8% |
| Beta vs S&P 500 | 1.06 | 1.17 |
| Max drawdown (3Y) | -27.5% | -61.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.91% | 13.68% |
| 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 | TSQ |
|---|---|---|
| 2022 | -20.5% | -45.6% |
| 2023 | +16.8% | +57.3% |
| 2024 | +11.4% | -9.3% |
| 2025 | +12.7% | -37.4% |
| 2026 | +22.3% | +24.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and TSQ good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and TSQ?
As of 2026-08-27, the correlation of weekly returns between IWM and TSQ is 0.50 over 3 years, 0.53 over 1 year and 0.45 over 5 years.
Is TSQ a good diversifier for IWM?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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-tsq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-tsq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · TSQ correlations
