IBAC vs SHLS: Correlation
Measured on weekly returns over the past three years, IB Acquisition Corp. (IBAC) and Shoals Technologies Group, Inc. (SHLS) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBAC and SHLS?
On 3 years of weekly data the IBAC/SHLS correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -45.6 %².
By 3-year correlation, SHLS places #53 of the 62 assets tracked against IBAC. Over the last 12 months SHLS came out ahead by 10.9 percentage points (+3.3% against +14.2%). One caveat on sizing: SHLS is 35.7 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.
IBAC vs SHLS: side by side
| IBAC (IB Acquisition Corp.) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | +14.2% |
| 5-year return | n/a | -76.8% |
| Volatility (ann.) | 2.1% | 75.0% |
| Beta vs S&P 500 | -0.00 | 1.02 |
| Max drawdown (3Y) | -3.2% | -87.3% |
| Market cap | $0.1B | $1.2B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBAC | SHLS |
|---|---|---|
| 2022 | – | +1.5% |
| 2023 | – | -37.0% |
| 2024 | – | -64.4% |
| 2025 | +3.7% | +53.7% |
| 2026 | +3.7% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBAC and SHLS good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between IBAC and SHLS?
As of 2026-08-27, the correlation of weekly returns between IBAC and SHLS is -0.28 over 3 years, -0.22 over 1 year and n/a over 5 years.
Is SHLS a good diversifier for IBAC?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ibac-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibac-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBAC correlations · SHLS correlations
