IRT vs PAPL: Correlation
How closely do Independence Realty Trust, Inc. (IRT) and Pineapple Financial Inc. (PAPL) 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 IRT and PAPL?
Over the past 3 years, IRT and PAPL moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.14) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1007.0 %².
PAPL is close to the least connected end of IRT's tracked universe, ranking #14 of 16. The last year tells two different stories: IRT led by 67.2 percentage points, -3.5% for IRT against -70.7% for PAPL. One caveat on sizing: PAPL is 7.3 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.
IRT vs PAPL: side by side
| IRT (Independence Realty Trust, Inc.) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | -3.5% | -70.7% |
| 5-year return | -4.5% | n/a |
| Volatility (ann.) | 24.8% | 181.2% |
| Beta vs S&P 500 | 0.74 | -0.73 |
| Max drawdown (3Y) | -29.0% | -99.4% |
| Market cap | $4.0B | – |
| P/E (trailing) | 91.1 | – |
| Dividend yield | 4.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRT | PAPL |
|---|---|---|
| 2022 | -32.3% | – |
| 2023 | -5.6% | – |
| 2024 | +34.3% | -74.7% |
| 2025 | -8.5% | -84.4% |
| 2026 | -4.1% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRT and PAPL good diversifiers for each other?
Yes. With a correlation of -0.24, IRT and PAPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IRT and PAPL?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.14 over the last year and n/a over 5 years.
Is PAPL a good diversifier for IRT?
Yes. With a correlation of -0.24, IRT and PAPL 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/irt-vs-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/irt-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IRT correlations · PAPL correlations
