IPI vs NTR: Correlation
Intrepid Potash, Inc (IPI) and Nutrien Ltd. (NTR) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPI and NTR?
On 3 years of weekly data the IPI/NTR correlation comes out at 0.56, moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.56 over 3. The 5-year figure is 0.66, and annualized covariance runs at 757.0 %².
Few assets follow IPI as closely as NTR, which ranks #2 of 15 tracked partners. Neither side won the trailing year by much: +23.3% against +27.7%. Note the risk asymmetry: IPI runs 1.7 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.
IPI vs NTR: side by side
| IPI (Intrepid Potash, Inc) | NTR (Nutrien Ltd.) | |
|---|---|---|
| 1-year return | +23.3% | +27.7% |
| 5-year return | +20.2% | +39.5% |
| Volatility (ann.) | 48.0% | 28.2% |
| Beta vs S&P 500 | 0.56 | 0.22 |
| Max drawdown (3Y) | -38.5% | -28.3% |
| Market cap | $0.5B | $34.9B |
| P/E (trailing) | 31.7 | 14.9 |
| Dividend yield | 0.00% | 2.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IPI | NTR |
|---|---|---|
| 2022 | -32.4% | -0.7% |
| 2023 | -17.2% | -20.2% |
| 2024 | -8.2% | -17.0% |
| 2025 | +26.5% | +40.8% |
| 2026 | +35.9% | +20.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPI and NTR good diversifiers for each other?
To a limited degree. At 0.56 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 IPI and NTR?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.55 over the last year and 0.66 over 5 years.
Is NTR a good diversifier for IPI?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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/ipi-vs-ntr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ipi-vs-ntr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IPI correlations · NTR correlations
