IR vs SPRB: Correlation
Measured on weekly returns over the past three years, Ingersoll Rand (IR) and Spruce Biosciences, Inc. (SPRB) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IR and SPRB?
Across a 3-year window, the weekly returns of IR and SPRB correlate at -0.18, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus -0.18 over 3 years. Stretching to 5 years gives -0.13, with an annualized covariance of -5897.7 %².
By 3-year correlation, SPRB places #56 of the 61 assets tracked against IR. Their recent paths diverged sharply: over the last 12 months SPRB outperformed by 748.3 percentage points (-2.0% for IR against +746.3% for SPRB). Note the risk asymmetry: SPRB runs 36.5 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.
IR vs SPRB: side by side
| IR (Ingersoll Rand) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -2.0% | +746.3% |
| 5-year return | +49.2% | -99.8% |
| Volatility (ann.) | 29.8% | 1086.4% |
| Beta vs S&P 500 | 1.17 | -7.82 |
| Max drawdown (3Y) | -36.6% | -100.0% |
| Market cap | $30.6B | $0.2B |
| P/E (trailing) | 32.6 | – |
| Dividend yield | 0.15% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | IR | SPRB |
|---|---|---|
| 2022 | -15.4% | -75.4% |
| 2023 | +48.2% | +167.1% |
| 2024 | +17.1% | -85.7% |
| 2025 | -12.3% | -96.3% |
| 2026 | -0.2% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IR and SPRB good diversifiers for each other?
Yes. With a correlation of -0.18, IR and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IR and SPRB?
As of 2026-08-27, the correlation of weekly returns between IR and SPRB is -0.18 over 3 years, -0.32 over 1 year and -0.13 over 5 years.
Is SPRB a good diversifier for IR?
Yes. With a correlation of -0.18, IR and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
A reading of -0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ir-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ir-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IR correlations · SPRB correlations
