DUO vs IPW: Correlation
How closely do Fangdd Network Group Ltd. - Class A (DUO) and iPower Inc. (IPW) 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 DUO and IPW?
Across a 3-year window, the weekly returns of DUO and IPW correlate at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.43). Stretching to 5 years gives 0.39, with an annualized covariance of 48428.5 %².
Among the 15 assets we track against DUO, IPW ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DUO ahead by 44.8 points (-53.8% versus -98.6%).
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.
DUO vs IPW: side by side
| DUO (Fangdd Network Group Ltd. - Class A) | IPW (iPower Inc.) | |
|---|---|---|
| 1-year return | -53.8% | -98.6% |
| 5-year return | -100.0% | -99.8% |
| Volatility (ann.) | 278.7% | 405.9% |
| Beta vs S&P 500 | 1.68 | 2.99 |
| Max drawdown (3Y) | -99.2% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DUO | IPW |
|---|---|---|
| 2022 | -89.0% | -83.2% |
| 2023 | -94.2% | +12.5% |
| 2024 | -11.1% | +85.1% |
| 2025 | -84.7% | -70.1% |
| 2026 | -52.2% | -96.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUO and IPW good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DUO and IPW?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.05 over the last year and 0.39 over 5 years.
Is IPW a good diversifier for DUO?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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/duo-vs-ipw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/duo-vs-ipw/)
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Related comparisons
Hubs: DUO correlations · IPW correlations
