HY vs IOSP: Correlation
How closely do Hyster-Yale, Inc. (HY) and Innospec Inc. (IOSP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HY and IOSP?
Over the past 3 years, HY and IOSP moved with a correlation of 0.54, which is moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 654.1 %².
Few assets follow HY as closely as IOSP, which ranks #1 of 14 tracked partners. Their recent paths diverged sharply: over the last 12 months IOSP outperformed by 17.6 percentage points (-6.3% for HY against +11.3% for IOSP). One caveat on sizing: HY is 1.7 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.
HY vs IOSP: side by side
| HY (Hyster-Yale, Inc.) | IOSP (Innospec Inc.) | |
|---|---|---|
| 1-year return | -6.3% | +11.3% |
| 5-year return | -30.4% | +10.2% |
| Volatility (ann.) | 45.8% | 26.6% |
| Beta vs S&P 500 | 1.17 | 0.94 |
| Max drawdown (3Y) | -66.4% | -48.4% |
| Market cap | $0.6B | $2.3B |
| P/E (trailing) | – | 19.5 |
| Dividend yield | 4.17% | 1.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HY | IOSP |
|---|---|---|
| 2022 | -35.9% | +15.2% |
| 2023 | +153.4% | +21.5% |
| 2024 | -16.3% | -9.6% |
| 2025 | -39.5% | -28.9% |
| 2026 | +19.0% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HY and IOSP good diversifiers for each other?
To a limited degree. At 0.54 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 HY and IOSP?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.51 over the last year and 0.49 over 5 years.
Is IOSP a good diversifier for HY?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/hy-vs-iosp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hy-vs-iosp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HY correlations · IOSP correlations
