IIF vs RDY: Correlation
Measured on weekly returns over the past three years, Morgan Stanley India Investment Fund, Inc. (IIF) and Dr. Reddy's Laboratories Ltd (RDY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and RDY?
Across a 3-year window, the weekly returns of IIF and RDY correlate at 0.38, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.38). Stretching to 5 years gives 0.39, with an annualized covariance of 156.0 %².
By 3-year correlation, RDY places #9 of the 14 assets tracked against IIF. Over the last 12 months IIF came out ahead by 7.3 percentage points (-6.7% against -14.0%).
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.
IIF vs RDY: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | RDY (Dr. Reddy's Laboratories Ltd) | |
|---|---|---|
| 1-year return | -6.7% | -14.0% |
| 5-year return | +44.4% | +1.0% |
| Volatility (ann.) | 17.4% | 23.9% |
| Beta vs S&P 500 | 0.61 | 0.32 |
| Max drawdown (3Y) | -24.1% | -32.0% |
| Market cap | – | $10.1B |
| P/E (trailing) | – | 29.0 |
| Dividend yield | 8.56% | 65.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIF | RDY |
|---|---|---|
| 2022 | -9.6% | -19.7% |
| 2023 | +21.4% | +36.5% |
| 2024 | +29.6% | +14.1% |
| 2025 | +6.7% | -10.5% |
| 2026 | -7.5% | -12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and RDY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IIF and RDY?
The IIF/RDY correlation stands at 0.38 on a 3-year window (1 year: 0.19, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is RDY a good diversifier for IIF?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/iif-vs-rdy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iif-vs-rdy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIF correlations · RDY correlations
