CF vs IBN: Correlation
CF Industries (CF) and ICICI Bank Limited (IBN) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and IBN?
Over the past 3 years, CF and IBN moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.54 versus -0.23 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -151.8 %².
By 3-year correlation, IBN places #41 of the 50 assets tracked against CF. Correlation aside, the last 12 months split them widely, with CF ahead by 54.4 points (+48.6% versus -5.8%). One caveat on sizing: CF is 1.6 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.
CF vs IBN: side by side
| CF (CF Industries) | IBN (ICICI Bank Limited) | |
|---|---|---|
| 1-year return | +48.6% | -5.8% |
| 5-year return | +211.5% | +60.9% |
| Volatility (ann.) | 32.8% | 20.2% |
| Beta vs S&P 500 | -0.20 | 0.46 |
| Max drawdown (3Y) | -29.2% | -26.2% |
| Market cap | $19.0B | $107.1B |
| P/E (trailing) | 9.3 | 18.7 |
| Dividend yield | 1.59% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | CF | IBN |
|---|---|---|
| 2022 | +22.3% | +11.3% |
| 2023 | -4.7% | +9.8% |
| 2024 | +10.1% | +26.3% |
| 2025 | -7.2% | +0.6% |
| 2026 | +64.9% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and IBN good diversifiers for each other?
Yes. With a correlation of -0.23, CF and IBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CF and IBN?
As of 2026-08-27, the correlation of weekly returns between CF and IBN is -0.23 over 3 years, -0.54 over 1 year and -0.12 over 5 years.
Is IBN a good diversifier for CF?
Yes. With a correlation of -0.23, CF and IBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/cf-vs-ibn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-ibn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CF correlations · IBN correlations
