IR vs KAI: Correlation
How closely do Ingersoll Rand (IR) and Kadant Inc (KAI) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IR and KAI?
Across a 3-year window, the weekly returns of IR and KAI correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 723.0 %².
Among the 61 assets we track against IR, KAI ranks #19 by 3-year correlation. Over the last 12 months IR came out ahead by 6.8 percentage points (-2.0% against -8.8%).
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.
IR vs KAI: side by side
| IR (Ingersoll Rand) | KAI (Kadant Inc) | |
|---|---|---|
| 1-year return | -2.0% | -8.8% |
| 5-year return | +49.2% | +49.3% |
| Volatility (ann.) | 29.8% | 37.1% |
| Beta vs S&P 500 | 1.17 | 1.34 |
| Max drawdown (3Y) | -36.6% | -41.2% |
| Market cap | $30.6B | $3.6B |
| P/E (trailing) | 32.6 | 32.9 |
| Dividend yield | 0.15% | 0.46% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | IR | KAI |
|---|---|---|
| 2022 | -15.4% | -22.5% |
| 2023 | +48.2% | +58.7% |
| 2024 | +17.1% | +23.6% |
| 2025 | -12.3% | -17.0% |
| 2026 | -0.2% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IR and KAI good diversifiers for each other?
To a limited degree. At 0.65 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 IR and KAI?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.62 over the last year and 0.62 over 5 years.
Is KAI a good diversifier for IR?
To a limited degree. At 0.65 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 0.65 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/ir-vs-kai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ir-vs-kai/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IR correlations · KAI correlations
