FUND vs IPI: Correlation
Measured on weekly returns over the past three years, Sprott Focus Trust, Inc. - Closed End Fund (FUND) and Intrepid Potash, Inc (IPI) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUND and IPI?
Over the past 3 years, FUND and IPI moved with a correlation of 0.51, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.51 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 440.1 %².
Among the 32 assets we track against FUND, IPI ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FUND ahead by 15.8 points (+39.1% versus +23.3%). Note the risk asymmetry: IPI runs 2.7 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.
FUND vs IPI: side by side
| FUND (Sprott Focus Trust, Inc. - Closed End Fund) | IPI (Intrepid Potash, Inc) | |
|---|---|---|
| 1-year return | +39.1% | +23.3% |
| 5-year return | +83.0% | +20.2% |
| Volatility (ann.) | 17.9% | 48.0% |
| Beta vs S&P 500 | 0.77 | 0.56 |
| Max drawdown (3Y) | -18.2% | -38.5% |
| Market cap | $0.3B | $0.5B |
| P/E (trailing) | 5.8 | 31.7 |
| Dividend yield | 5.36% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FUND | IPI |
|---|---|---|
| 2022 | -1.2% | -32.4% |
| 2023 | +6.9% | -17.2% |
| 2024 | -1.0% | -8.2% |
| 2025 | +27.5% | +26.5% |
| 2026 | +26.8% | +35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUND and IPI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FUND and IPI?
The FUND/IPI correlation stands at 0.51 on a 3-year window (1 year: 0.33, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is IPI a good diversifier for FUND?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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/fund-vs-ipi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fund-vs-ipi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FUND correlations · IPI correlations
