IFF vs PPG: Correlation
International Flavors & Fragrances (IFF) and PPG Industries (PPG) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and PPG?
Across a 3-year window, the weekly returns of IFF and PPG correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 448.4 %².
PPG is one of the assets that tracks IFF most closely: it ranks #1 out of the 32 assets we track against IFF. Correlation aside, the last 12 months split them widely, with IFF ahead by 29.4 points (+33.2% versus +3.8%). On a rolling one-year basis the correlation drifted between 0.39 and 0.69, a moderate band.
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 PPG: side by side
| IFF (International Flavors & Fragrances) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +33.2% | +3.8% |
| 5-year return | -34.3% | -22.0% |
| Volatility (ann.) | 29.5% | 25.5% |
| Beta vs S&P 500 | 0.69 | 0.90 |
| Max drawdown (3Y) | -42.6% | -37.4% |
| Market cap | $22.2B | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 1.84% | 2.48% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | IFF | PPG |
|---|---|---|
| 2022 | -28.3% | -25.7% |
| 2023 | -19.5% | +21.2% |
| 2024 | +6.3% | -18.5% |
| 2025 | -18.4% | -12.0% |
| 2026 | +30.3% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and PPG good diversifiers for each other?
Only partially. A correlation of 0.60 means IFF and PPG 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 IFF and PPG?
The IFF/PPG correlation stands at 0.60 on a 3-year window (1 year: 0.68, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is PPG a good diversifier for IFF?
Only partially. A correlation of 0.60 means IFF and PPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/iff-vs-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iff-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IFF correlations · PPG correlations
