INOD vs STRL: Correlation
How closely do Innodata Inc. (INOD) and Sterling Infrastructure, Inc. (STRL) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INOD and STRL?
Over the past 3 years, INOD and STRL moved with a correlation of 0.54, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.65 versus 0.54 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 4450.5 %².
In INOD's tracked universe of 14 assets, STRL sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months STRL outperformed by 23.4 percentage points (+51.6% for INOD against +75.0% for STRL). Risk is not evenly split, since INOD carries 1.8 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.
INOD vs STRL: side by side
| INOD (Innodata Inc.) | STRL (Sterling Infrastructure, Inc.) | |
|---|---|---|
| 1-year return | +51.6% | +75.0% |
| 5-year return | +620.6% | +2095.9% |
| Volatility (ann.) | 122.9% | 66.9% |
| Beta vs S&P 500 | 3.71 | 2.13 |
| Max drawdown (3Y) | -63.0% | -51.1% |
| Market cap | $2.0B | $15.5B |
| P/E (trailing) | 43.2 | 36.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INOD | STRL |
|---|---|---|
| 2022 | -49.8% | +24.7% |
| 2023 | +174.1% | +168.1% |
| 2024 | +385.5% | +91.6% |
| 2025 | +28.9% | +81.8% |
| 2026 | +16.3% | +65.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INOD and STRL good diversifiers for each other?
Only partially. A correlation of 0.54 means INOD and STRL 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 INOD and STRL?
The INOD/STRL correlation stands at 0.54 on a 3-year window (1 year: 0.65, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is STRL a good diversifier for INOD?
Only partially. A correlation of 0.54 means INOD and STRL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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/inod-vs-strl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/inod-vs-strl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: INOD correlations · STRL correlations
