IWM vs URI: Correlation
Measured on weekly returns over the past three years, iShares Russell 2000 ETF (IWM) and United Rentals (URI) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and URI?
Across a 3-year window, the weekly returns of IWM and URI correlate at 0.65, strong. The past 12 months show a weaker link (0.36) than the 3-year average (0.65). Stretching to 5 years gives 0.70, with an annualized covariance of 509.6 %².
Within IWM's tracked universe of 320 assets, URI comes in at #72 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 18.2 points (+28.4% versus +10.2%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.36 to 0.86. Note the risk asymmetry: URI runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 URI: side by side
| IWM (iShares Russell 2000 ETF) | URI (United Rentals) | |
|---|---|---|
| 1-year return | +28.4% | +10.2% |
| 5-year return | +41.5% | +204.1% |
| Volatility (ann.) | 19.8% | 39.5% |
| Beta vs S&P 500 | 1.06 | 1.42 |
| Max drawdown (3Y) | -27.5% | -37.0% |
| Market cap | – | $64.6B |
| P/E (trailing) | – | 25.4 |
| Dividend yield | 0.91% | 0.71% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | Industrials |
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 | URI |
|---|---|---|
| 2022 | -20.5% | +7.0% |
| 2023 | +16.8% | +63.6% |
| 2024 | +11.4% | +24.0% |
| 2025 | +12.7% | +15.9% |
| 2026 | +22.3% | +29.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and URI good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and URI?
As of 2026-08-27, the correlation of weekly returns between IWM and URI is 0.65 over 3 years, 0.36 over 1 year and 0.70 over 5 years.
Is URI a good diversifier for IWM?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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-uri.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iwm-vs-uri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · URI correlations
