IP vs RPM: Correlation
How closely do International Paper (IP) and RPM International Inc. (RPM) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IP and RPM?
On 3 years of weekly data the IP/RPM correlation comes out at 0.53, moderate. The past 12 months show a tighter link (0.66) than the 3-year average (0.53). The 5-year figure is 0.51, and annualized covariance runs at 503.9 %².
Within IP's tracked universe of 29 assets, RPM comes in at #7 by 3-year correlation. Neither side won the trailing year by much: -13.5% against -14.3%. Note the risk asymmetry: IP runs 1.5 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.
IP vs RPM: side by side
| IP (International Paper) | RPM (RPM International Inc.) | |
|---|---|---|
| 1-year return | -13.5% | -14.3% |
| 5-year return | -11.2% | +38.7% |
| Volatility (ann.) | 37.8% | 25.0% |
| Beta vs S&P 500 | 0.77 | 0.85 |
| Max drawdown (3Y) | -48.6% | -32.0% |
| Market cap | $21.1B | $13.5B |
| P/E (trailing) | – | 20.7 |
| Dividend yield | 4.47% | 1.99% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IP | RPM |
|---|---|---|
| 2022 | -23.0% | -1.7% |
| 2023 | +10.2% | +16.8% |
| 2024 | +55.3% | +12.1% |
| 2025 | -23.8% | -13.9% |
| 2026 | +5.0% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IP and RPM good diversifiers for each other?
Only partially. A correlation of 0.53 means IP and RPM 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 IP and RPM?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.66 over the last year and 0.51 over 5 years.
Is RPM a good diversifier for IP?
Only partially. A correlation of 0.53 means IP and RPM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ip-vs-rpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ip-vs-rpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IP correlations · RPM correlations
