IWM vs UPST: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and Upstart Holdings, Inc. (UPST) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and UPST?
On 3 years of weekly data the IWM/UPST correlation comes out at 0.66, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.66 over 3. The 5-year figure is 0.61, and annualized covariance runs at 1189.9 %².
Within IWM's tracked universe of 320 assets, UPST comes in at #65 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 84.6 points (+28.4% versus -56.2%). Risk is not evenly split, since UPST carries 4.6 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 UPST: side by side
| IWM (iShares Russell 2000 ETF) | UPST (Upstart Holdings, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | -56.2% |
| 5-year return | +41.5% | -85.9% |
| Volatility (ann.) | 19.8% | 91.0% |
| Beta vs S&P 500 | 1.06 | 3.51 |
| Max drawdown (3Y) | -27.5% | -72.7% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 58.6 |
| 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 | UPST |
|---|---|---|
| 2022 | -20.5% | -91.3% |
| 2023 | +16.8% | +209.1% |
| 2024 | +11.4% | +50.7% |
| 2025 | +12.7% | -29.0% |
| 2026 | +22.3% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of IWM is UPST itself, so the fund partly moves with the stock by construction.
Are IWM and UPST good diversifiers for each other?
Only partially. A correlation of 0.66 means IWM and UPST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IWM and UPST?
As of 2026-08-27, the correlation of weekly returns between IWM and UPST is 0.66 over 3 years, 0.62 over 1 year and 0.61 over 5 years.
Is UPST a good diversifier for IWM?
Only partially. A correlation of 0.66 means IWM and UPST share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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-upst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-upst/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · UPST correlations
