GRML vs IESC: Correlation
How closely do Greenland Mines Ltd (GRML) and IES Holdings, Inc. (IESC) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRML and IESC?
Across a 3-year window, the weekly returns of GRML and IESC correlate at -0.44, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.68 versus -0.44 over 3 years. Stretching to 5 years gives -0.41, with an annualized covariance of -45414.2 %².
Among the 10 assets we track against GRML, IESC sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with GRML ahead by 626.7 points (+620.5% versus -6.2%). One caveat on sizing: GRML is 21.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GRML vs IESC: side by side
| GRML (Greenland Mines Ltd) | IESC (IES Holdings, Inc.) | |
|---|---|---|
| 1-year return | +620.5% | -6.2% |
| 5-year return | -46.8% | +580.8% |
| Volatility (ann.) | 1495.4% | 68.3% |
| Beta vs S&P 500 | 2.17 | 1.67 |
| Max drawdown (3Y) | -99.0% | -60.5% |
| Market cap | – | $13.3B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRML | IESC |
|---|---|---|
| 2022 | – | -29.8% |
| 2023 | +6.3% | +122.7% |
| 2024 | -95.5% | +153.7% |
| 2025 | -40.4% | +93.6% |
| 2026 | +1720.1% | -14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRML and IESC good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GRML and IESC?
The GRML/IESC correlation stands at -0.44 on a 3-year window (1 year: -0.68, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is IESC a good diversifier for GRML?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
A reading of -0.44 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/grml-vs-iesc.json
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Related comparisons
Hubs: GRML correlations · IESC correlations
