GJR vs IGC: Correlation
How closely do Synthetic Fixed-Income Securities, Inc. STRATS Trust for (GJR) and IGC Pharma, Inc. (IGC) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJR and IGC?
On 3 years of weekly data the GJR/IGC correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.07 versus -0.28 over 3 years. The 5-year figure is -0.19, and annualized covariance runs at -152.2 %².
Among the 14 assets we track against GJR, IGC sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months GJR outperformed by 28.7 percentage points (+2.9% for GJR against -25.8% for IGC). Risk is not evenly split, since IGC carries 8.3 times the volatility of the other side.
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.
GJR vs IGC: side by side
| GJR (Synthetic Fixed-Income Securities, Inc. STRATS Trust for) | IGC (IGC Pharma, Inc.) | |
|---|---|---|
| 1-year return | +2.9% | -25.8% |
| 5-year return | +39.3% | -79.0% |
| Volatility (ann.) | 8.1% | 67.5% |
| Beta vs S&P 500 | 0.01 | 0.66 |
| Max drawdown (3Y) | -4.4% | -65.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJR | IGC |
|---|---|---|
| 2022 | +9.2% | -67.3% |
| 2023 | +11.4% | -12.5% |
| 2024 | +3.9% | +21.4% |
| 2025 | +4.6% | -17.6% |
| 2026 | +2.5% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJR and IGC good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GJR and IGC?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.07 over the last year and -0.19 over 5 years.
Is IGC a good diversifier for GJR?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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/gjr-vs-igc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gjr-vs-igc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GJR correlations · IGC correlations
