FIZZ vs INGR: Correlation
How closely do National Beverage Corp. (FIZZ) and Ingredion Incorporated (INGR) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIZZ and INGR?
Across a 3-year window, the weekly returns of FIZZ and INGR correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.35, with an annualized covariance of 145.7 %².
Within FIZZ's tracked universe of 12 assets, INGR comes in at #4 by 3-year correlation. Their 12-month results are close: -15.0% for FIZZ against -17.5% for INGR.
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.
FIZZ vs INGR: side by side
| FIZZ (National Beverage Corp.) | INGR (Ingredion Incorporated) | |
|---|---|---|
| 1-year return | -15.0% | -17.5% |
| 5-year return | -9.3% | +35.7% |
| Volatility (ann.) | 24.4% | 18.5% |
| Beta vs S&P 500 | 0.36 | 0.34 |
| Max drawdown (3Y) | -41.3% | -36.4% |
| Market cap | $3.0B | $6.5B |
| P/E (trailing) | 16.8 | 11.4 |
| Dividend yield | 0.00% | 3.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIZZ | INGR |
|---|---|---|
| 2022 | +2.6% | +4.5% |
| 2023 | +6.9% | +14.1% |
| 2024 | -8.0% | +29.2% |
| 2025 | -25.3% | -17.9% |
| 2026 | +12.6% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIZZ and INGR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FIZZ and INGR?
As of 2026-08-27, the correlation of weekly returns between FIZZ and INGR is 0.32 over 3 years, 0.39 over 1 year and 0.35 over 5 years.
Is INGR a good diversifier for FIZZ?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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/fizz-vs-ingr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fizz-vs-ingr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FIZZ correlations · INGR correlations
