IFF vs NCSM: Correlation
Measured on weekly returns over the past three years, International Flavors & Fragrances (IFF) and NCS Multistage Holdings, Inc. (NCSM) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and NCSM?
On 3 years of weekly data the IFF/NCSM correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.18 over 3 years. The 5-year figure is -0.02, and annualized covariance runs at -352.8 %².
Within IFF's tracked universe of 32 assets, NCSM comes in at #23 by 3-year correlation. Twelve-month performance is nearly a tie, at +33.2% for IFF and +34.5% for NCSM. One caveat on sizing: NCSM is 2.2 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.
IFF vs NCSM: side by side
| IFF (International Flavors & Fragrances) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +33.2% | +34.5% |
| 5-year return | -34.3% | +112.6% |
| Volatility (ann.) | 29.5% | 66.0% |
| Beta vs S&P 500 | 0.69 | 0.05 |
| Max drawdown (3Y) | -42.6% | -53.3% |
| Market cap | $22.2B | $0.1B |
| P/E (trailing) | – | 9.7 |
| Dividend yield | 1.84% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IFF | NCSM |
|---|---|---|
| 2022 | -28.3% | -13.8% |
| 2023 | -19.5% | -28.6% |
| 2024 | +6.3% | +45.4% |
| 2025 | -18.4% | +52.1% |
| 2026 | +30.3% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and NCSM good diversifiers for each other?
Yes. With a correlation of -0.18, IFF and NCSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IFF and NCSM?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.35 over the last year and -0.02 over 5 years.
Is NCSM a good diversifier for IFF?
Yes. With a correlation of -0.18, IFF and NCSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 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/iff-vs-ncsm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iff-vs-ncsm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IFF correlations · NCSM correlations
