IWM / HYG
iShares Russell 2000 ETF and iShares iBoxx High Yield Corporate Bond ETF correlation 0.58
iShares Russell 2000 ETF and iShares iBoxx High Yield Corporate Bond ETF correlation is 0.58 over 90 ETF session closes, ending 2026-10-23. They usually move the same way, with room for one to diverge.
- 90-close correlation
- 0.58
- 30-close correlation
- 0.62
- Observations
- 90
- As of
- 2026-10-23
- IWM vol
- 13.7%
- HYG vol
- 3.6%
- Calendar
- ETF session closes
- 30-close count
- 30
The 30-close correlation is 0.62, close to the 90-close print of 0.58. Both names are ETFs. The window is exchange sessions only.
IWM 90-close vol is 13.7%. HYG is 3.6%. A 50/50 book of the two annualized vols would have realized about 8.1%, against 8.7% if you averaged the two vols with no diversification.
How to read this print
- Read the 90-close correlation for IWM and HYG.
- Compare it with the 30-close print to see if the pair tightened or broke.
- Use the two realized vols to judge whether a 50/50 mix actually diversifies.
- Open the correlation matrix if you want the whole book, not one pair.
FAQ
People also ask
0.58 over 90 ETF session closes, ending 2026-10-23. They usually move the same way, with room for one to diverge.
The 30-close correlation is 0.62, close to the 90-close print of 0.58.
Using the 90-close vols and this correlation, a 50/50 book would have realized about 8.1%. Compare that with holding either name alone.
This print uses ETF session closes and log-return correlation on the aligned window. A site that uses weekly returns, a different session calendar, or a longer sample will not match it. The method is on this page.
Related
iShares Russell 2000 ETF volatility
90-close vol 13.7%.
iShares iBoxx High Yield Corporate Bond ETF volatility
90-close vol 3.6%.
Correlation matrix
The full book, not just this pair.
Risk parity optimizer
Weights that stop the higher-vol name from owning the book.
Diversification ratio
How much of the standalone vol a mix actually cancels.
SPY and IWM
Another pair in the same universe.
SPY and HYG
Another pair in the same universe.
QQQ and IWM
Another pair in the same universe.
QQQ and HYG
Another pair in the same universe.
A correlation is not a hedge until you hold both.
This page is the market path. Thrive is the book you actually held, so you can see whether the hedge was real.