IWM vs ZBRA: Correlation
How closely do iShares Russell 2000 ETF (IWM) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and ZBRA?
On 3 years of weekly data the IWM/ZBRA correlation comes out at 0.59, moderate. The past 12 months show a weaker link (0.44) than the 3-year average (0.59). The 5-year figure is 0.63, and annualized covariance runs at 479.8 %².
Among the 320 assets we track against IWM, ZBRA ranks #139 by 3-year correlation. The last year tells two different stories: IWM led by 16.1 percentage points, +28.4% for IWM against +12.3% for ZBRA. The rolling one-year correlation moved between 0.39 and 0.76 over the past three years, a moderate range. One caveat on sizing: ZBRA 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 ZBRA: side by side
| IWM (iShares Russell 2000 ETF) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +28.4% | +12.3% |
| 5-year return | +41.5% | -38.2% |
| Volatility (ann.) | 19.8% | 40.8% |
| Beta vs S&P 500 | 1.06 | 1.54 |
| Max drawdown (3Y) | -27.5% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | Information Technology |
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 | ZBRA |
|---|---|---|
| 2022 | -20.5% | -56.9% |
| 2023 | +16.8% | +6.6% |
| 2024 | +11.4% | +41.3% |
| 2025 | +12.7% | -37.1% |
| 2026 | +22.3% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IWM and ZBRA good diversifiers for each other?
Only partially. A correlation of 0.59 means IWM and ZBRA 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 ZBRA?
As of 2026-08-27, the correlation of weekly returns between IWM and ZBRA is 0.59 over 3 years, 0.44 over 1 year and 0.63 over 5 years.
Is ZBRA a good diversifier for IWM?
Only partially. A correlation of 0.59 means IWM and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iwm-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IWM correlations · ZBRA correlations
