IWM vs WS: Correlation
iShares Russell 2000 ETF (IWM) and Worthington Steel, Inc. (WS) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and WS?
Over the past 3 years, IWM and WS moved with a correlation of 0.64, which is strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 630.0 %².
Within IWM's tracked universe of 320 assets, WS comes in at #80 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IWM ahead by 23.6 points (+28.4% versus +4.8%). Risk is not evenly split, since WS carries 2.6 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 WS: side by side
| IWM (iShares Russell 2000 ETF) | WS (Worthington Steel, Inc.) | |
|---|---|---|
| 1-year return | +28.4% | +4.8% |
| 5-year return | +41.5% | n/a |
| Volatility (ann.) | 19.8% | 51.2% |
| Beta vs S&P 500 | 1.06 | 1.67 |
| Max drawdown (3Y) | -27.5% | -51.0% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | 201.9 |
| Dividend yield | 0.91% | 1.89% |
| 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 | WS |
|---|---|---|
| 2022 | -20.5% | – |
| 2023 | +16.8% | – |
| 2024 | +11.4% | +15.4% |
| 2025 | +12.7% | +11.2% |
| 2026 | +22.3% | -0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and WS good diversifiers for each other?
To a limited degree. At 0.64 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 WS?
As of 2026-08-27, the correlation of weekly returns between IWM and WS is 0.64 over 3 years, 0.54 over 1 year and n/a over 5 years.
Is WS a good diversifier for IWM?
To a limited degree. At 0.64 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 0.64 mean?
A reading of 0.64 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-ws.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-ws/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · WS correlations
