IP vs SLGN: Correlation
How closely do International Paper (IP) and Silgan Holdings Inc. (SLGN) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IP and SLGN?
On 3 years of weekly data the IP/SLGN correlation comes out at 0.55, moderate. The past 12 months show a tighter link (0.72) than the 3-year average (0.55). The 5-year figure is 0.52, and annualized covariance runs at 609.4 %².
Within IP's tracked universe of 29 assets, SLGN comes in at #6 by 3-year correlation. Over the last 12 months SLGN came out ahead by 5.6 percentage points (-13.5% against -7.9%).
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 SLGN: side by side
| IP (International Paper) | SLGN (Silgan Holdings Inc.) | |
|---|---|---|
| 1-year return | -13.5% | -7.9% |
| 5-year return | -11.2% | +5.9% |
| Volatility (ann.) | 37.8% | 29.4% |
| Beta vs S&P 500 | 0.77 | 0.58 |
| Max drawdown (3Y) | -48.6% | -35.0% |
| Market cap | $21.1B | $4.4B |
| P/E (trailing) | – | 16.9 |
| Dividend yield | 4.47% | 1.91% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IP | SLGN |
|---|---|---|
| 2022 | -23.0% | +22.7% |
| 2023 | +10.2% | -11.3% |
| 2024 | +55.3% | +16.8% |
| 2025 | -23.8% | -21.1% |
| 2026 | +5.0% | +4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IP and SLGN good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IP and SLGN?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.72 over the last year and 0.52 over 5 years.
Is SLGN a good diversifier for IP?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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
$ curl https://www.pairbook.io/api/v1/pairs/ip-vs-slgn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ip-vs-slgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IP correlations · SLGN correlations
