IDA vs MNDY: Correlation
IDACORP, Inc. (IDA) and monday.com Ltd. (MNDY) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDA and MNDY?
Over the past 3 years, IDA and MNDY moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.46 versus -0.21 over 3 years. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -223.1 %².
Out of 18 assets tracked against IDA, MNDY lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with IDA ahead by 56.9 points (+11.6% versus -45.3%). One caveat on sizing: MNDY is 3.3 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.
IDA vs MNDY: side by side
| IDA (IDACORP, Inc.) | MNDY (monday.com Ltd.) | |
|---|---|---|
| 1-year return | +11.6% | -45.3% |
| 5-year return | +51.7% | -74.0% |
| Volatility (ann.) | 17.8% | 59.2% |
| Beta vs S&P 500 | 0.10 | 1.96 |
| Max drawdown (3Y) | -13.6% | -82.1% |
| Market cap | $8.0B | $4.2B |
| P/E (trailing) | 22.9 | 42.2 |
| Dividend yield | 2.53% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IDA | MNDY |
|---|---|---|
| 2022 | -2.1% | -60.5% |
| 2023 | -6.0% | +53.9% |
| 2024 | +15.0% | +25.4% |
| 2025 | +19.2% | -37.3% |
| 2026 | +10.9% | -32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IDA and MNDY good diversifiers for each other?
Yes. With a correlation of -0.21, IDA and MNDY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IDA and MNDY?
The IDA/MNDY correlation stands at -0.21 on a 3-year window (1 year: -0.46, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is MNDY a good diversifier for IDA?
Yes. With a correlation of -0.21, IDA and MNDY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/ida-vs-mndy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ida-vs-mndy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IDA correlations · MNDY correlations
