INGN vs PAYO: Correlation
Inogen, Inc (INGN) and Payoneer Global Inc. (PAYO) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INGN and PAYO?
On 3 years of weekly data the INGN/PAYO correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.19) runs below the 3-year figure (0.45). The 5-year figure is 0.33, and annualized covariance runs at 1384.0 %².
PAYO is one of the assets that tracks INGN most closely: it ranks #3 out of the 13 assets we track against INGN. Their recent paths diverged sharply: over the last 12 months PAYO outperformed by 35.5 percentage points (-30.5% for INGN against +5.0% for PAYO).
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.
INGN vs PAYO: side by side
| INGN (Inogen, Inc) | PAYO (Payoneer Global Inc.) | |
|---|---|---|
| 1-year return | -30.5% | +5.0% |
| 5-year return | -90.7% | -27.7% |
| Volatility (ann.) | 64.0% | 48.1% |
| Beta vs S&P 500 | 1.24 | 1.27 |
| Max drawdown (3Y) | -57.6% | -61.4% |
| Market cap | $0.1B | $2.4B |
| P/E (trailing) | – | 50.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INGN | PAYO |
|---|---|---|
| 2022 | -42.0% | -25.6% |
| 2023 | -72.1% | -4.8% |
| 2024 | +67.0% | +92.7% |
| 2025 | -26.7% | -44.0% |
| 2026 | -18.0% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INGN and PAYO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INGN and PAYO?
As of 2026-08-27, the correlation of weekly returns between INGN and PAYO is 0.45 over 3 years, 0.19 over 1 year and 0.33 over 5 years.
Is PAYO a good diversifier for INGN?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: INGN correlations · PAYO correlations
