HIHO vs INAB: Correlation
How closely do Highway Holdings Limited (HIHO) and IN8bio, Inc. (INAB) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIHO and INAB?
Over the past 3 years, HIHO and INAB moved with a correlation of 0.33, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.33 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 2671.7 %².
In HIHO's tracked universe of 10 assets, INAB sits right near the top at #3. The trailing year gives HIHO the advantage: -46.7% versus -54.4%, a 7.7-point spread. Risk is not evenly split, since INAB carries 1.6 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.
HIHO vs INAB: side by side
| HIHO (Highway Holdings Limited) | INAB (IN8bio, Inc.) | |
|---|---|---|
| 1-year return | -46.7% | -54.4% |
| 5-year return | -69.9% | -99.5% |
| Volatility (ann.) | 70.6% | 113.3% |
| Beta vs S&P 500 | 0.55 | 1.67 |
| Max drawdown (3Y) | -70.9% | -98.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIHO | INAB |
|---|---|---|
| 2022 | -43.3% | -47.4% |
| 2023 | +0.9% | -40.3% |
| 2024 | +3.5% | -81.4% |
| 2025 | -18.5% | -69.6% |
| 2026 | -41.3% | -55.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIHO and INAB good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HIHO and INAB?
As of 2026-08-27, the correlation of weekly returns between HIHO and INAB is 0.33 over 3 years, 0.58 over 1 year and 0.24 over 5 years.
Is INAB a good diversifier for HIHO?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 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/hiho-vs-inab.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hiho-vs-inab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HIHO correlations · INAB correlations
