IRWD vs SPRU: Correlation
Measured on weekly returns over the past three years, Ironwood Pharmaceuticals, Inc. (IRWD) and Spruce Power Holding Corporation (SPRU) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRWD and SPRU?
On 3 years of weekly data the IRWD/SPRU correlation comes out at 0.38, moderate. The link has tightened recently: the 1-year correlation (0.62) runs above the 3-year figure (0.38). The 5-year figure is 0.33, and annualized covariance runs at 2818.0 %².
Few assets follow IRWD as closely as SPRU, which ranks #3 of 10 tracked partners. The last year tells two different stories: IRWD led by 208.6 percentage points, +236.5% for IRWD against +27.9% for SPRU.
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 SPRU: side by side
| IRWD (Ironwood Pharmaceuticals, Inc.) | SPRU (Spruce Power Holding Corporation) | |
|---|---|---|
| 1-year return | +236.5% | +27.9% |
| 5-year return | -68.1% | -96.5% |
| Volatility (ann.) | 88.3% | 84.6% |
| Beta vs S&P 500 | 0.81 | 1.03 |
| Max drawdown (3Y) | -96.3% | -83.1% |
| Market cap | $0.7B | – |
| P/E (trailing) | 5.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRWD | SPRU |
|---|---|---|
| 2022 | +6.3% | -72.2% |
| 2023 | -7.7% | -39.9% |
| 2024 | -61.3% | -32.8% |
| 2025 | -23.9% | +71.4% |
| 2026 | +25.8% | -63.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRWD and SPRU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IRWD and SPRU?
As of 2026-08-27, the correlation of weekly returns between IRWD and SPRU is 0.38 over 3 years, 0.62 over 1 year and 0.33 over 5 years.
Is SPRU a good diversifier for IRWD?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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-spru.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/irwd-vs-spru/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IRWD correlations · SPRU correlations
