IRWD vs PPCB: Correlation
Measured on weekly returns over the past three years, Ironwood Pharmaceuticals, Inc. (IRWD) and Propanc Biopharma, Inc. (PPCB) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRWD and PPCB?
Across a 3-year window, the weekly returns of IRWD and PPCB correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.05 versus -0.24 over 3 years. Stretching to 5 years gives -0.24, with an annualized covariance of -20792069.1 %².
PPCB is close to the least connected end of IRWD's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months IRWD outperformed by 333.5 percentage points (+236.5% for IRWD against -97.0% for PPCB). One caveat on sizing: PPCB is 10896.9 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.
IRWD vs PPCB: side by side
| IRWD (Ironwood Pharmaceuticals, Inc.) | PPCB (Propanc Biopharma, Inc.) | |
|---|---|---|
| 1-year return | +236.5% | -97.0% |
| 5-year return | -68.1% | -99.9% |
| Volatility (ann.) | 88.3% | 962193.8% |
| Beta vs S&P 500 | 0.81 | -3746.20 |
| Max drawdown (3Y) | -96.3% | -99.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 5.4 | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRWD | PPCB |
|---|---|---|
| 2022 | +6.3% | -98.6% |
| 2023 | -7.7% | -98.0% |
| 2024 | -61.3% | -98.3% |
| 2025 | -23.9% | +134050.0% |
| 2026 | +25.8% | -83.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRWD and PPCB good diversifiers for each other?
Yes. With a correlation of -0.24, IRWD and PPCB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IRWD and PPCB?
The IRWD/PPCB correlation stands at -0.24 on a 3-year window (1 year: 0.05, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is PPCB a good diversifier for IRWD?
Yes. With a correlation of -0.24, IRWD and PPCB 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/irwd-vs-ppcb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/irwd-vs-ppcb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IRWD correlations · PPCB correlations
