AVY vs IP: Correlation
Avery Dennison (AVY) and International Paper (IP) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and IP?
Across a 3-year window, the weekly returns of AVY and IP correlate at 0.51, moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.51 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 391.5 %².
By 3-year correlation, IP places #21 of the 38 assets tracked against AVY. Correlation aside, the last 12 months split them widely, with AVY ahead by 18.8 points (+5.3% versus -13.5%). This link changes with the market regime, having swung between 0.14 and 0.65 on a rolling one-year basis. Risk is not evenly split, since IP carries 1.9 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.
AVY vs IP: side by side
| AVY (Avery Dennison) | IP (International Paper) | |
|---|---|---|
| 1-year return | +5.3% | -13.5% |
| 5-year return | -14.0% | -11.2% |
| Volatility (ann.) | 20.2% | 37.8% |
| Beta vs S&P 500 | 0.61 | 0.77 |
| Max drawdown (3Y) | -30.6% | -48.6% |
| Market cap | $13.5B | $21.1B |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 4.47% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | AVY | IP |
|---|---|---|
| 2022 | -15.1% | -23.0% |
| 2023 | +13.7% | +10.2% |
| 2024 | -5.9% | +55.3% |
| 2025 | -0.7% | -23.8% |
| 2026 | -0.8% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and IP good diversifiers for each other?
To a limited degree. At 0.51 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 AVY and IP?
As of 2026-08-27, the correlation of weekly returns between AVY and IP is 0.51 over 3 years, 0.58 over 1 year and 0.49 over 5 years.
Is IP a good diversifier for AVY?
To a limited degree. At 0.51 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 0.51 mean?
A reading of 0.51 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/avy-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avy-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AVY correlations · IP correlations
