ALMS vs AQST: Correlation
Measured on weekly returns over the past three years, Alumis Inc. (ALMS) and Aquestive Therapeutics, Inc. (AQST) 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 ALMS and AQST?
Over the past 3 years, ALMS and AQST moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.24). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2440.1 %².
By 3-year correlation, AQST places #55 of the 92 assets tracked against ALMS. Correlation aside, the last 12 months split them widely, with ALMS ahead by 337.7 points (+371.7% versus +34.0%). One caveat on sizing: ALMS is 1.5 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.
ALMS vs AQST: side by side
| ALMS (Alumis Inc.) | AQST (Aquestive Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +371.7% | +34.0% |
| 5-year return | n/a | +10.7% |
| Volatility (ann.) | 130.0% | 85.7% |
| Beta vs S&P 500 | -1.50 | 0.87 |
| Max drawdown (3Y) | -78.9% | -63.5% |
| Market cap | $3.0B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALMS | AQST |
|---|---|---|
| 2022 | – | -76.8% |
| 2023 | – | +123.9% |
| 2024 | – | +76.2% |
| 2025 | +24.2% | +81.5% |
| 2026 | +137.8% | -20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALMS and AQST good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALMS and AQST?
The ALMS/AQST correlation stands at -0.24 on a 3-year window (1 year: -0.43, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is AQST a good diversifier for ALMS?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alms-vs-aqst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alms-vs-aqst/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALMS correlations · AQST correlations
