IPW vs TRN: Correlation
How closely do iPower Inc. (IPW) and Trinity Industries, Inc. (TRN) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPW and TRN?
On 3 years of weekly data the IPW/TRN correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.22). The 5-year figure is -0.15, and annualized covariance runs at -3421.2 %².
Among the 37 assets we track against IPW, TRN ranks #23 by 3-year correlation. The last year tells two different stories: TRN led by 105.1 percentage points, -98.6% for IPW against +6.5% for TRN. One caveat on sizing: IPW is 10.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IPW vs TRN: side by side
| IPW (iPower Inc.) | TRN (Trinity Industries, Inc.) | |
|---|---|---|
| 1-year return | -98.6% | +6.5% |
| 5-year return | -99.8% | +22.0% |
| Volatility (ann.) | 405.9% | 37.5% |
| Beta vs S&P 500 | 2.99 | 0.89 |
| Max drawdown (3Y) | -100.0% | -39.6% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 7.0 |
| Dividend yield | 0.00% | 4.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IPW | TRN |
|---|---|---|
| 2022 | -83.2% | +1.5% |
| 2023 | +12.5% | -6.2% |
| 2024 | +85.1% | +37.2% |
| 2025 | -70.1% | -21.5% |
| 2026 | -96.8% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPW and TRN good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IPW and TRN?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.45 over the last year and -0.15 over 5 years.
Is TRN a good diversifier for IPW?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/ipw-vs-trn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ipw-vs-trn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IPW correlations · TRN correlations
