GRN vs IBAC: Correlation
iPath Series B Carbon Exchange-Traded Notes (GRN) and IB Acquisition Corp. (IBAC) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRN and IBAC?
Across a 3-year window, the weekly returns of GRN and IBAC correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.27 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -14.2 %².
Among the 10 assets we track against GRN, IBAC sits near the bottom by co-movement, at rank #9. The trailing year gives GRN the advantage: +14.7% versus +3.3%, a 11.4-point spread. Risk is not evenly split, since GRN carries 14.0 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.
GRN vs IBAC: side by side
| GRN (iPath Series B Carbon Exchange-Traded Notes) | IBAC (IB Acquisition Corp.) | |
|---|---|---|
| 1-year return | +14.7% | +3.3% |
| 5-year return | +36.8% | n/a |
| Volatility (ann.) | 29.5% | 2.1% |
| Beta vs S&P 500 | 0.40 | -0.00 |
| Max drawdown (3Y) | -40.7% | -3.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | 3.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRN | IBAC |
|---|---|---|
| 2022 | -0.1% | – |
| 2023 | -3.0% | – |
| 2024 | -7.3% | – |
| 2025 | +20.3% | +3.7% |
| 2026 | -3.8% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRN and IBAC good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between GRN and IBAC?
As of 2026-08-27, the correlation of weekly returns between GRN and IBAC is -0.27 over 3 years, -0.37 over 1 year and n/a over 5 years.
Is IBAC a good diversifier for GRN?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GRN correlations · IBAC correlations
