IP vs TRT: Correlation
How closely do International Paper (IP) and Trio-Tech International (TRT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IP and TRT?
Across a 3-year window, the weekly returns of IP and TRT correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Stretching to 5 years gives -0.15, with an annualized covariance of -973.0 %².
Out of 29 assets tracked against IP, TRT lands near the bottom at #27. Correlation aside, the last 12 months split them widely, with TRT ahead by 309.0 points (-13.5% versus +295.5%). Note the risk asymmetry: TRT runs 2.8 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 TRT: side by side
| IP (International Paper) | TRT (Trio-Tech International) | |
|---|---|---|
| 1-year return | -13.5% | +295.5% |
| 5-year return | -11.2% | +365.8% |
| Volatility (ann.) | 37.8% | 107.4% |
| Beta vs S&P 500 | 0.77 | 0.18 |
| Max drawdown (3Y) | -48.6% | -54.6% |
| Market cap | $21.1B | – |
| P/E (trailing) | – | 209.6 |
| Dividend yield | 4.47% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | IP | TRT |
|---|---|---|
| 2022 | -23.0% | -66.5% |
| 2023 | +10.2% | +12.7% |
| 2024 | +55.3% | +14.6% |
| 2025 | -23.8% | +127.9% |
| 2026 | +5.0% | +58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IP and TRT good diversifiers for each other?
Yes. With a correlation of -0.24, IP and TRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IP and TRT?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.30 over the last year and -0.15 over 5 years.
Is TRT a good diversifier for IP?
Yes. With a correlation of -0.24, IP and TRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-trt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ip-vs-trt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IP correlations · TRT correlations
