ATR vs IP: Correlation
How closely do AptarGroup, Inc. (ATR) and International Paper (IP) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATR and IP?
Over the past 3 years, ATR and IP moved with a correlation of 0.56, which is moderate. The past 12 months show a tighter link (0.76) than the 3-year average (0.56). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 444.9 %².
By 3-year correlation, IP places #10 of the 19 assets tracked against ATR. Over the last 12 months ATR came out ahead by 10.2 percentage points (-3.3% against -13.5%). Risk is not evenly split, since IP carries 1.8 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.
ATR vs IP: side by side
| ATR (AptarGroup, Inc.) | IP (International Paper) | |
|---|---|---|
| 1-year return | -3.3% | -13.5% |
| 5-year return | +4.9% | -11.2% |
| Volatility (ann.) | 21.0% | 37.8% |
| Beta vs S&P 500 | 0.53 | 0.77 |
| Max drawdown (3Y) | -35.2% | -48.6% |
| Market cap | $8.4B | $21.1B |
| P/E (trailing) | 24.4 | – |
| Dividend yield | 1.40% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | ATR | IP |
|---|---|---|
| 2022 | -8.9% | -23.0% |
| 2023 | +13.9% | +10.2% |
| 2024 | +28.6% | +55.3% |
| 2025 | -21.4% | -23.8% |
| 2026 | +10.2% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATR and IP good diversifiers for each other?
To a limited degree. At 0.56 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 ATR and IP?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.76 over the last year and 0.54 over 5 years.
Is IP a good diversifier for ATR?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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/atr-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/atr-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ATR correlations · IP correlations
