IXHL vs OPEN: Correlation
Incannex Healthcare Inc. (IXHL) and Opendoor Technologies Inc (OPEN) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IXHL and OPEN?
On 3 years of weekly data the IXHL/OPEN correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.55). The 5-year figure is 0.49, and annualized covariance runs at 14371.8 %².
Few assets follow IXHL as closely as OPEN, which ranks #1 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months OPEN outperformed by 65.7 percentage points (-81.6% for IXHL against -15.9% for OPEN).
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.
IXHL vs OPEN: side by side
| IXHL (Incannex Healthcare Inc.) | OPEN (Opendoor Technologies Inc) | |
|---|---|---|
| 1-year return | -81.6% | -15.9% |
| 5-year return | -99.8% | -80.8% |
| Volatility (ann.) | 180.7% | 145.6% |
| Beta vs S&P 500 | 3.15 | 2.46 |
| Max drawdown (3Y) | -99.0% | -89.2% |
| Market cap | – | $3.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IXHL | OPEN |
|---|---|---|
| 2022 | – | -92.1% |
| 2023 | -58.6% | +286.2% |
| 2024 | -54.3% | -64.3% |
| 2025 | -83.1% | +264.4% |
| 2026 | -65.6% | -42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IXHL and OPEN good diversifiers for each other?
Only partially. A correlation of 0.55 means IXHL and OPEN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IXHL and OPEN?
As of 2026-08-27, the correlation of weekly returns between IXHL and OPEN is 0.55 over 3 years, 0.09 over 1 year and 0.49 over 5 years.
Is OPEN a good diversifier for IXHL?
Only partially. A correlation of 0.55 means IXHL and OPEN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ixhl-vs-open.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ixhl-vs-open/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IXHL correlations · OPEN correlations
