ISBA vs RNW: Correlation
Measured on weekly returns over the past three years, Isabella Bank Corporation (ISBA) and ReNew Energy Global plc - Class A Shares (RNW) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ISBA and RNW?
On 3 years of weekly data the ISBA/RNW correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.22 over 3. The 5-year figure is -0.10, and annualized covariance runs at -261.3 %².
Within ISBA's tracked universe of 16 assets, RNW comes in at #11 by 3-year correlation. The last year tells two different stories: ISBA led by 27.9 percentage points, +16.4% for ISBA against -11.5% for RNW.
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.
ISBA vs RNW: side by side
| ISBA (Isabella Bank Corporation) | RNW (ReNew Energy Global plc - Class A Shares) | |
|---|---|---|
| 1-year return | +16.4% | -11.5% |
| 5-year return | +104.9% | -26.6% |
| Volatility (ann.) | 33.3% | 35.5% |
| Beta vs S&P 500 | 0.05 | 0.53 |
| Max drawdown (3Y) | -34.1% | -45.1% |
| Market cap | $0.3B | $2.5B |
| P/E (trailing) | 14.2 | 22.0 |
| Dividend yield | 2.91% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ISBA | RNW |
|---|---|---|
| 2022 | -3.5% | -29.3% |
| 2023 | -3.5% | +39.3% |
| 2024 | +27.7% | -10.8% |
| 2025 | +99.1% | -17.3% |
| 2026 | -21.9% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ISBA and RNW good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ISBA and RNW?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.31 over the last year and -0.10 over 5 years.
Is RNW a good diversifier for ISBA?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/isba-vs-rnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/isba-vs-rnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ISBA correlations · RNW correlations
