CGC vs IGC: Correlation
How closely do Canopy Growth Corporation (CGC) and IGC Pharma, Inc. (IGC) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGC and IGC?
On 3 years of weekly data the CGC/IGC correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.43). The 5-year figure is 0.42, and annualized covariance runs at 3857.1 %².
Within CGC's tracked universe of 17 assets, IGC comes in at #6 by 3-year correlation. Over the last 12 months IGC came out ahead by 7.3 percentage points (-33.1% against -25.8%). Note the risk asymmetry: CGC runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CGC vs IGC: side by side
| CGC (Canopy Growth Corporation) | IGC (IGC Pharma, Inc.) | |
|---|---|---|
| 1-year return | -33.1% | -25.8% |
| 5-year return | -99.4% | -79.0% |
| Volatility (ann.) | 133.1% | 67.5% |
| Beta vs S&P 500 | 1.82 | 0.66 |
| Max drawdown (3Y) | -95.1% | -65.2% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGC | IGC |
|---|---|---|
| 2022 | -73.5% | -67.3% |
| 2023 | -77.9% | -12.5% |
| 2024 | -46.4% | +21.4% |
| 2025 | -58.4% | -17.6% |
| 2026 | -11.4% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGC and IGC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CGC and IGC?
As of 2026-08-27, the correlation of weekly returns between CGC and IGC is 0.43 over 3 years, 0.54 over 1 year and 0.42 over 5 years.
Is IGC a good diversifier for CGC?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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/cgc-vs-igc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cgc-vs-igc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CGC correlations · IGC correlations
