INOD vs XRAY: Correlation
Innodata Inc. (INOD) and DENTSPLY SIRONA Inc. (XRAY) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INOD and XRAY?
Over the past 3 years, INOD and XRAY moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.21). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -1014.6 %².
XRAY is close to the least connected end of INOD's tracked universe, ranking #11 of 14. Their recent paths diverged sharply: over the last 12 months INOD outperformed by 72.4 percentage points (+51.6% for INOD against -20.8% for XRAY). One caveat on sizing: INOD is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XRAY: side by side
| INOD (Innodata Inc.) | XRAY (DENTSPLY SIRONA Inc.) | |
|---|---|---|
| 1-year return | +51.6% | -20.8% |
| 5-year return | +620.6% | -80.0% |
| Volatility (ann.) | 122.9% | 39.4% |
| Beta vs S&P 500 | 3.71 | 0.54 |
| Max drawdown (3Y) | -63.0% | -72.3% |
| Market cap | $2.0B | $2.2B |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 2.93% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INOD | XRAY |
|---|---|---|
| 2022 | -49.8% | -42.1% |
| 2023 | +174.1% | +13.5% |
| 2024 | +385.5% | -45.3% |
| 2025 | +28.9% | -36.8% |
| 2026 | +16.3% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INOD and XRAY good diversifiers for each other?
Yes. With a correlation of -0.21, INOD and XRAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between INOD and XRAY?
As of 2026-08-27, the correlation of weekly returns between INOD and XRAY is -0.21 over 3 years, -0.09 over 1 year and -0.09 over 5 years.
Is XRAY a good diversifier for INOD?
Yes. With a correlation of -0.21, INOD and XRAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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
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Hubs: INOD correlations · XRAY correlations
