IBN vs IIF: Correlation
ICICI Bank Limited (IBN) and Morgan Stanley India Investment Fund, Inc. (IIF) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBN and IIF?
Over the past 3 years, IBN and IIF moved with a correlation of 0.68, which is strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 240.2 %².
Few assets follow IBN as closely as IIF, which ranks #1 of 12 tracked partners. Neither side won the trailing year by much: -5.8% against -6.7%.
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.
IBN vs IIF: side by side
| IBN (ICICI Bank Limited) | IIF (Morgan Stanley India Investment Fund, Inc.) | |
|---|---|---|
| 1-year return | -5.8% | -6.7% |
| 5-year return | +60.9% | +44.4% |
| Volatility (ann.) | 20.2% | 17.4% |
| Beta vs S&P 500 | 0.46 | 0.61 |
| Max drawdown (3Y) | -26.2% | -24.1% |
| Market cap | $107.1B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.00% | 8.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IBN | IIF |
|---|---|---|
| 2022 | +11.3% | -9.6% |
| 2023 | +9.8% | +21.4% |
| 2024 | +26.3% | +29.6% |
| 2025 | +0.6% | +6.7% |
| 2026 | +1.0% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBN and IIF good diversifiers for each other?
Only partially. A correlation of 0.68 means IBN and IIF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IBN and IIF?
As of 2026-08-27, the correlation of weekly returns between IBN and IIF is 0.68 over 3 years, 0.75 over 1 year and 0.69 over 5 years.
Is IIF a good diversifier for IBN?
Only partially. A correlation of 0.68 means IBN and IIF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 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/ibn-vs-iif.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibn-vs-iif/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IBN correlations · IIF correlations
