GRNT vs IDR: Correlation
Measured on weekly returns over the past three years, Granite Ridge Resources, Inc. (GRNT) and Idaho Strategic Resources, Inc. (IDR) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRNT and IDR?
Over the past 3 years, GRNT and IDR moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.24). Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -685.8 %².
Among the 11 assets we track against GRNT, IDR sits near the bottom by co-movement, at rank #9. The last year tells two different stories: IDR led by 26.7 percentage points, -0.4% for GRNT against +26.3% for IDR. One caveat on sizing: IDR is 1.9 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.
GRNT vs IDR: side by side
| GRNT (Granite Ridge Resources, Inc.) | IDR (Idaho Strategic Resources, Inc.) | |
|---|---|---|
| 1-year return | -0.4% | +26.3% |
| 5-year return | -31.9% | +702.8% |
| Volatility (ann.) | 39.2% | 73.6% |
| Beta vs S&P 500 | 0.55 | 0.68 |
| Max drawdown (3Y) | -36.8% | -50.0% |
| Market cap | $0.7B | $0.5B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 8.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRNT | IDR |
|---|---|---|
| 2022 | -7.1% | -23.4% |
| 2023 | -28.5% | +11.1% |
| 2024 | +14.9% | +61.0% |
| 2025 | -21.3% | +295.5% |
| 2026 | +12.1% | -16.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRNT and IDR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GRNT and IDR?
As of 2026-08-27, the correlation of weekly returns between GRNT and IDR is -0.24 over 3 years, -0.44 over 1 year and -0.18 over 5 years.
Is IDR a good diversifier for GRNT?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/grnt-vs-idr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grnt-vs-idr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GRNT correlations · IDR correlations
