ASTL vs IBCP: Correlation
Measured on weekly returns over the past three years, Algoma Steel Group Inc. (ASTL) and Independent Bank Corporation (IBCP) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASTL and IBCP?
Across a 3-year window, the weekly returns of ASTL and IBCP correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 729.9 %².
IBCP is one of the assets that tracks ASTL most closely: it ranks #3 out of the 10 assets we track against ASTL. Correlation aside, the last 12 months split them widely, with IBCP ahead by 26.7 points (-13.0% versus +13.7%). One caveat on sizing: ASTL is 1.9 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.
ASTL vs IBCP: side by side
| ASTL (Algoma Steel Group Inc.) | IBCP (Independent Bank Corporation) | |
|---|---|---|
| 1-year return | -13.0% | +13.7% |
| 5-year return | -57.3% | +112.7% |
| Volatility (ann.) | 53.9% | 28.7% |
| Beta vs S&P 500 | 1.08 | 0.77 |
| Max drawdown (3Y) | -72.9% | -27.5% |
| Market cap | $0.5B | $0.8B |
| P/E (trailing) | – | 10.6 |
| Dividend yield | 0.02% | 2.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASTL | IBCP |
|---|---|---|
| 2022 | -39.4% | +4.3% |
| 2023 | +62.5% | +14.0% |
| 2024 | -0.2% | +38.5% |
| 2025 | -57.4% | -3.5% |
| 2026 | +4.6% | +15.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTL and IBCP good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASTL and IBCP?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.44 over the last year and 0.37 over 5 years.
Is IBCP a good diversifier for ASTL?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/astl-vs-ibcp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/astl-vs-ibcp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASTL correlations · IBCP correlations
