GTES vs IP: Correlation
Gates Industrial Corporation Ltd. (GTES) and International Paper (IP) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and IP?
Across a 3-year window, the weekly returns of GTES and IP correlate at 0.51, moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.51). Stretching to 5 years gives 0.51, with an annualized covariance of 677.3 %².
By 3-year correlation, IP places #14 of the 22 assets tracked against GTES. The last year tells two different stories: GTES led by 15.0 percentage points, +1.5% for GTES against -13.5% for IP.
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.
GTES vs IP: side by side
| GTES (Gates Industrial Corporation Ltd.) | IP (International Paper) | |
|---|---|---|
| 1-year return | +1.5% | -13.5% |
| 5-year return | +56.6% | -11.2% |
| Volatility (ann.) | 35.0% | 37.8% |
| Beta vs S&P 500 | 1.27 | 0.77 |
| Max drawdown (3Y) | -33.8% | -48.6% |
| Market cap | $6.7B | $21.1B |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 0.00% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | GTES | IP |
|---|---|---|
| 2022 | -28.3% | -23.0% |
| 2023 | +17.6% | +10.2% |
| 2024 | +53.3% | +55.3% |
| 2025 | +4.4% | -23.8% |
| 2026 | +22.9% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and IP good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GTES and IP?
As of 2026-08-27, the correlation of weekly returns between GTES and IP is 0.51 over 3 years, 0.72 over 1 year and 0.51 over 5 years.
Is IP a good diversifier for GTES?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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/gtes-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTES correlations · IP correlations
