IA vs LONA: Correlation
Measured on weekly returns over the past three years, Innovative Solutions and Support, Inc. (IA) and LeonaBio, Inc. (LONA) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IA and LONA?
Over the past 3 years, IA and LONA moved with a correlation of 0.35, which is moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.35). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 2438.5 %².
LONA is one of the assets that tracks IA most closely: it ranks #3 out of the 10 assets we track against IA. Correlation aside, the last 12 months split them widely, with LONA ahead by 39.5 points (+57.7% versus +97.2%). Note the risk asymmetry: LONA runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
IA vs LONA: side by side
| IA (Innovative Solutions and Support, Inc.) | LONA (LeonaBio, Inc.) | |
|---|---|---|
| 1-year return | +57.7% | +97.2% |
| 5-year return | +202.0% | -92.6% |
| Volatility (ann.) | 67.2% | 104.6% |
| Beta vs S&P 500 | 1.21 | 1.80 |
| Max drawdown (3Y) | -57.8% | -94.5% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IA | LONA |
|---|---|---|
| 2022 | +25.3% | -75.7% |
| 2023 | +3.8% | -23.3% |
| 2024 | +0.1% | -75.8% |
| 2025 | +121.8% | +29.0% |
| 2026 | +11.8% | +4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IA and LONA good diversifiers for each other?
Reasonably. At 0.35, IA and LONA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IA and LONA?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.54 over the last year and 0.28 over 5 years.
Is LONA a good diversifier for IA?
Reasonably. At 0.35, IA and LONA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ia-vs-lona.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ia-vs-lona/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IA correlations · LONA correlations
