INDB vs TCRT: Correlation
Measured on weekly returns over the past three years, Independent Bank Corp. (INDB) and Alaunos Therapeutics, Inc. (TCRT) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDB and TCRT?
Across a 3-year window, the weekly returns of INDB and TCRT correlate at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives -0.18, with an annualized covariance of -951.7 %².
TCRT is close to the least connected end of INDB's tracked universe, ranking #10 of 12. The last year tells two different stories: INDB led by 30.5 percentage points, +18.3% for INDB against -12.2% for TCRT. Note the risk asymmetry: TCRT runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
INDB vs TCRT: side by side
| INDB (Independent Bank Corp.) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -12.2% |
| 5-year return | +28.6% | -99.3% |
| Volatility (ann.) | 30.9% | 121.9% |
| Beta vs S&P 500 | 0.85 | -1.11 |
| Max drawdown (3Y) | -30.8% | -95.0% |
| Market cap | $3.9B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDB | TCRT |
|---|---|---|
| 2022 | +6.3% | -40.4% |
| 2023 | -18.9% | -89.2% |
| 2024 | +1.6% | -81.8% |
| 2025 | +17.9% | +69.1% |
| 2026 | +14.6% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDB and TCRT good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between INDB and TCRT?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.26 over the last year and -0.18 over 5 years.
Is TCRT a good diversifier for INDB?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/indb-vs-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indb-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INDB correlations · TCRT correlations
