API vs INOD: Correlation
Measured on weekly returns over the past three years, Agora, Inc. (API) and Innodata Inc. (INOD) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are API and INOD?
Over the past 3 years, API and INOD moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 5070.6 %².
By 3-year correlation, INOD places #5 of the 14 assets tracked against API. Correlation aside, the last 12 months split them widely, with INOD ahead by 35.9 points (+15.7% versus +51.6%).
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.
API vs INOD: side by side
| API (Agora, Inc.) | INOD (Innodata Inc.) | |
|---|---|---|
| 1-year return | +15.7% | +51.6% |
| 5-year return | -86.7% | +620.6% |
| Volatility (ann.) | 96.1% | 122.9% |
| Beta vs S&P 500 | 1.90 | 3.71 |
| Max drawdown (3Y) | -60.8% | -63.0% |
| Market cap | $0.3B | $2.0B |
| P/E (trailing) | 45.1 | 43.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | API | INOD |
|---|---|---|
| 2022 | -75.9% | -49.8% |
| 2023 | -32.7% | +174.1% |
| 2024 | +58.2% | +385.5% |
| 2025 | -2.2% | +28.9% |
| 2026 | -0.2% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are API and INOD good diversifiers for each other?
Reasonably. At 0.43, API and INOD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between API and INOD?
As of 2026-08-27, the correlation of weekly returns between API and INOD is 0.43 over 3 years, 0.45 over 1 year and 0.37 over 5 years.
Is INOD a good diversifier for API?
Reasonably. At 0.43, API and INOD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/api-vs-inod.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/api-vs-inod/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: API correlations · INOD correlations
