BATL vs IP: Correlation
Battalion Oil Corporation (BATL) and International Paper (IP) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and IP?
On 3 years of weekly data the BATL/IP correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.31) runs below the 3-year figure (-0.18). The 5-year figure is -0.13, and annualized covariance runs at -1668.0 %².
By 3-year correlation, IP places #24 of the 44 assets tracked against BATL. The last year tells two different stories: BATL led by 26.2 percentage points, +12.7% for BATL against -13.5% for IP. One caveat on sizing: BATL is 6.7 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.
BATL vs IP: side by side
| BATL (Battalion Oil Corporation) | IP (International Paper) | |
|---|---|---|
| 1-year return | +12.7% | -13.5% |
| 5-year return | -87.1% | -11.2% |
| Volatility (ann.) | 252.0% | 37.8% |
| Beta vs S&P 500 | -0.19 | 0.77 |
| Max drawdown (3Y) | -95.8% | -48.6% |
| Market cap | $0.1B | $21.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | BATL | IP |
|---|---|---|
| 2022 | -0.9% | -23.0% |
| 2023 | -1.0% | +10.2% |
| 2024 | -82.1% | +55.3% |
| 2025 | -34.3% | -23.8% |
| 2026 | +17.7% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and IP good diversifiers for each other?
Yes. With a correlation of -0.18, BATL and IP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and IP?
As of 2026-08-27, the correlation of weekly returns between BATL and IP is -0.18 over 3 years, -0.31 over 1 year and -0.13 over 5 years.
Is IP a good diversifier for BATL?
Yes. With a correlation of -0.18, BATL and IP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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/batl-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/batl-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BATL correlations · IP correlations
