ESTA vs INDV: Correlation
Measured on weekly returns over the past three years, Establishment Labs Holdings Inc. (ESTA) and Indivior Pharmaceuticals, Inc. (INDV) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and INDV?
Across a 3-year window, the weekly returns of ESTA and INDV correlate at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Stretching to 5 years gives 0.14, with an annualized covariance of 1197.9 %².
Within ESTA's tracked universe of 12 assets, INDV comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ESTA ahead by 24.3 points (+69.2% versus +44.9%).
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.
ESTA vs INDV: side by side
| ESTA (Establishment Labs Holdings Inc.) | INDV (Indivior Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +69.2% | +44.9% |
| 5-year return | -0.0% | +166.9% |
| Volatility (ann.) | 70.5% | 55.2% |
| Beta vs S&P 500 | 1.02 | 0.47 |
| Max drawdown (3Y) | -64.1% | -67.7% |
| Market cap | $2.1B | $4.2B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | INDV |
|---|---|---|
| 2022 | -2.9% | +26.1% |
| 2023 | -60.6% | -29.8% |
| 2024 | +77.9% | -18.6% |
| 2025 | +58.2% | +188.7% |
| 2026 | -1.5% | -1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and INDV good diversifiers for each other?
Reasonably. At 0.31, ESTA and INDV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESTA and INDV?
As of 2026-08-27, the correlation of weekly returns between ESTA and INDV is 0.31 over 3 years, 0.39 over 1 year and 0.14 over 5 years.
Is INDV a good diversifier for ESTA?
Reasonably. At 0.31, ESTA and INDV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 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/esta-vs-indv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esta-vs-indv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESTA correlations · INDV correlations
