IWM vs UPBD: Correlation
iShares Russell 2000 ETF (IWM) and Upbound Group, Inc. (UPBD) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and UPBD?
On 3 years of weekly data the IWM/UPBD correlation comes out at 0.67, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 548.7 %².
Within IWM's tracked universe of 320 assets, UPBD comes in at #60 by 3-year correlation. The last year tells two different stories: IWM led by 48.2 percentage points, +28.4% for IWM against -19.8% for UPBD. Risk is not evenly split, since UPBD carries 2.1 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 UPBD: side by side
| IWM (iShares Russell 2000 ETF) | UPBD (Upbound Group, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -19.8% |
| 5-year return | +41.5% | -60.7% |
| Volatility (ann.) | 19.8% | 41.4% |
| Beta vs S&P 500 | 1.06 | 1.23 |
| Max drawdown (3Y) | -27.5% | -54.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.91% | 8.02% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
IWM is a Small Blend fund from iShares: $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | UPBD |
|---|---|---|
| 2022 | -20.5% | -49.9% |
| 2023 | +16.8% | +57.9% |
| 2024 | +11.4% | -10.1% |
| 2025 | +12.7% | -35.4% |
| 2026 | +22.3% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and UPBD good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and UPBD?
The IWM/UPBD correlation stands at 0.67 on a 3-year window (1 year: 0.66, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is UPBD a good diversifier for IWM?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 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-upbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-upbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · UPBD correlations
