IRWD vs TBPH: Correlation
Ironwood Pharmaceuticals, Inc. (IRWD) and Theravance Biopharma, Inc. (TBPH) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRWD and TBPH?
On 3 years of weekly data the IRWD/TBPH correlation comes out at 0.35, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.35 over 3. The 5-year figure is 0.29, and annualized covariance runs at 1308.1 %².
Within IRWD's tracked universe of 10 assets, TBPH comes in at #5 by 3-year correlation. The last year tells two different stories: IRWD led by 213.0 percentage points, +236.5% for IRWD against +23.5% for TBPH. Risk is not evenly split, since IRWD carries 2.1 times the volatility of the other side.
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 TBPH: side by side
| IRWD (Ironwood Pharmaceuticals, Inc.) | TBPH (Theravance Biopharma, Inc.) | |
|---|---|---|
| 1-year return | +236.5% | +23.5% |
| 5-year return | -68.1% | +102.9% |
| Volatility (ann.) | 88.3% | 42.5% |
| Beta vs S&P 500 | 0.81 | 0.92 |
| Max drawdown (3Y) | -96.3% | -34.6% |
| Market cap | $0.7B | $0.9B |
| P/E (trailing) | 5.4 | 16.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRWD | TBPH |
|---|---|---|
| 2022 | +6.3% | +1.5% |
| 2023 | -7.7% | +0.2% |
| 2024 | -61.3% | -16.3% |
| 2025 | -23.9% | +98.8% |
| 2026 | +25.8% | -8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRWD and TBPH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IRWD and TBPH?
As of 2026-08-27, the correlation of weekly returns between IRWD and TBPH is 0.35 over 3 years, 0.39 over 1 year and 0.29 over 5 years.
Is TBPH a good diversifier for IRWD?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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-tbph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/irwd-vs-tbph/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IRWD correlations · TBPH correlations
