IBAC vs PLUG: Correlation
IB Acquisition Corp. (IBAC) and Plug Power, Inc. (PLUG) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBAC and PLUG?
Across a 3-year window, the weekly returns of IBAC and PLUG correlate at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.15 over 1 year against -0.20 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -38.4 %².
Among the 62 assets we track against IBAC, PLUG ranks #20 by 3-year correlation. The last year tells two different stories: PLUG led by 36.8 percentage points, +3.3% for IBAC against +40.1% for PLUG. Note the risk asymmetry: PLUG runs 47.1 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.
IBAC vs PLUG: side by side
| IBAC (IB Acquisition Corp.) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | +40.1% |
| 5-year return | n/a | -91.3% |
| Volatility (ann.) | 2.1% | 98.9% |
| Beta vs S&P 500 | -0.00 | 1.49 |
| Max drawdown (3Y) | -3.2% | -92.1% |
| Market cap | $0.1B | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBAC | PLUG |
|---|---|---|
| 2022 | – | -56.2% |
| 2023 | – | -63.6% |
| 2024 | – | -52.7% |
| 2025 | +3.7% | -7.5% |
| 2026 | +3.7% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBAC and PLUG good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IBAC and PLUG?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.15 over the last year and n/a over 5 years.
Is PLUG a good diversifier for IBAC?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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.
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Related comparisons
Hubs: IBAC correlations · PLUG correlations
