IESC vs INCR: Correlation
How closely do IES Holdings, Inc. (IESC) and Intercure Ltd. (INCR) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IESC and INCR?
Over the past 3 years, IESC and INCR moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.67) runs below the 3-year figure (-0.40). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -9144.1 %².
Out of 18 assets tracked against IESC, INCR lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with INCR ahead by 254.7 points (-6.2% versus +248.5%). One caveat on sizing: INCR is 4.9 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.
IESC vs INCR: side by side
| IESC (IES Holdings, Inc.) | INCR (Intercure Ltd.) | |
|---|---|---|
| 1-year return | -6.2% | +248.5% |
| 5-year return | +580.8% | -10.0% |
| Volatility (ann.) | 68.3% | 333.4% |
| Beta vs S&P 500 | 1.67 | 1.08 |
| Max drawdown (3Y) | -60.5% | -79.8% |
| Market cap | $13.3B | $0.1B |
| P/E (trailing) | 29.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IESC | INCR |
|---|---|---|
| 2022 | -29.8% | -49.1% |
| 2023 | +122.7% | -60.9% |
| 2024 | +153.7% | +23.3% |
| 2025 | +93.6% | -42.8% |
| 2026 | -14.2% | +524.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IESC and INCR good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IESC and INCR?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.67 over the last year and -0.35 over 5 years.
Is INCR a good diversifier for IESC?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/iesc-vs-incr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iesc-vs-incr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IESC correlations · INCR correlations
