EMN vs IP: Correlation
Measured on weekly returns over the past three years, Eastman Chemical Company (EMN) and International Paper (IP) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMN and IP?
Over the past 3 years, EMN and IP moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.50 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 576.4 %².
Among the 22 assets we track against EMN, IP ranks #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EMN ahead by 24.3 points (+10.8% versus -13.5%).
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.
EMN vs IP: side by side
| EMN (Eastman Chemical Company) | IP (International Paper) | |
|---|---|---|
| 1-year return | +10.8% | -13.5% |
| 5-year return | -22.9% | -11.2% |
| Volatility (ann.) | 30.5% | 37.8% |
| Beta vs S&P 500 | 0.95 | 0.77 |
| Max drawdown (3Y) | -48.4% | -48.6% |
| Market cap | $8.3B | $21.1B |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 4.59% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | EMN | IP |
|---|---|---|
| 2022 | -30.4% | -23.0% |
| 2023 | +14.7% | +10.2% |
| 2024 | +5.1% | +55.3% |
| 2025 | -26.9% | -23.8% |
| 2026 | +16.5% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMN and IP good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EMN and IP?
The EMN/IP correlation stands at 0.50 on a 3-year window (1 year: 0.54, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is IP a good diversifier for EMN?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/emn-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emn-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EMN correlations · IP correlations
