IP vs SPB: Correlation
Measured on weekly returns over the past three years, International Paper (IP) and Spectrum Brands Holdings, Inc. (SPB) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IP and SPB?
Across a 3-year window, the weekly returns of IP and SPB correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 629.6 %².
Within IP's tracked universe of 29 assets, SPB comes in at #10 by 3-year correlation. The last year tells two different stories: SPB led by 74.2 percentage points, -13.5% for IP against +60.7% for SPB.
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 SPB: side by side
| IP (International Paper) | SPB (Spectrum Brands Holdings, Inc.) | |
|---|---|---|
| 1-year return | -13.5% | +60.7% |
| 5-year return | -11.2% | +26.1% |
| Volatility (ann.) | 37.8% | 31.9% |
| Beta vs S&P 500 | 0.77 | 0.83 |
| Max drawdown (3Y) | -48.6% | -46.3% |
| Market cap | $21.1B | $2.0B |
| P/E (trailing) | – | 27.7 |
| Dividend yield | 4.47% | 2.11% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IP | SPB |
|---|---|---|
| 2022 | -23.0% | -38.7% |
| 2023 | +10.2% | +34.1% |
| 2024 | +55.3% | +8.0% |
| 2025 | -23.8% | -27.9% |
| 2026 | +5.0% | +52.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IP and SPB good diversifiers for each other?
Only partially. A correlation of 0.52 means IP and SPB 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 SPB?
As of 2026-08-27, the correlation of weekly returns between IP and SPB is 0.52 over 3 years, 0.56 over 1 year and 0.48 over 5 years.
Is SPB a good diversifier for IP?
Only partially. A correlation of 0.52 means IP and SPB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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-spb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ip-vs-spb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IP correlations · SPB correlations
