INGR vs PULM: Correlation
How closely do Ingredion Incorporated (INGR) and Pulmatrix, Inc. (PULM) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INGR and PULM?
Over the past 3 years, INGR and PULM moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.21 over 3 years. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -570.2 %².
Among the 12 assets we track against INGR, PULM sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months INGR outperformed by 51.2 percentage points (-17.5% for INGR against -68.7% for PULM). Risk is not evenly split, since PULM carries 7.8 times the volatility of the other side.
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.
INGR vs PULM: side by side
| INGR (Ingredion Incorporated) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | -17.5% | -68.7% |
| 5-year return | +35.7% | -90.6% |
| Volatility (ann.) | 18.5% | 144.8% |
| Beta vs S&P 500 | 0.34 | -0.18 |
| Max drawdown (3Y) | -36.4% | -88.1% |
| Market cap | $6.5B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 3.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INGR | PULM |
|---|---|---|
| 2022 | +4.5% | -55.7% |
| 2023 | +14.1% | -52.1% |
| 2024 | +29.2% | +275.3% |
| 2025 | -17.9% | -68.1% |
| 2026 | -3.9% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INGR and PULM good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between INGR and PULM?
The INGR/PULM correlation stands at -0.21 on a 3-year window (1 year: -0.03, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is PULM a good diversifier for INGR?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ingr-vs-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ingr-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INGR correlations · PULM correlations
