ALMS vs ETON: Correlation
Measured on weekly returns over the past three years, Alumis Inc. (ALMS) and Eton Pharmaceuticals, Inc. (ETON) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALMS and ETON?
Across a 3-year window, the weekly returns of ALMS and ETON correlate at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -1453.2 %².
Among the 92 assets we track against ALMS, ETON ranks #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ALMS outperformed by 109.0 percentage points (+371.7% for ALMS against +262.7% for ETON). Note the risk asymmetry: ALMS runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ETON: side by side
| ALMS (Alumis Inc.) | ETON (Eton Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +371.7% | +262.7% |
| 5-year return | n/a | +1112.2% |
| Volatility (ann.) | 130.0% | 58.4% |
| Beta vs S&P 500 | -1.50 | 0.89 |
| Max drawdown (3Y) | -78.9% | -45.6% |
| Market cap | $3.0B | $1.8B |
| P/E (trailing) | – | 160.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALMS | ETON |
|---|---|---|
| 2022 | – | -34.3% |
| 2023 | – | +55.3% |
| 2024 | – | +204.1% |
| 2025 | +24.2% | +27.0% |
| 2026 | +137.8% | +270.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALMS and ETON good diversifiers for each other?
Yes. With a correlation of -0.19, ALMS and ETON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALMS and ETON?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.17 over the last year and n/a over 5 years.
Is ETON a good diversifier for ALMS?
Yes. With a correlation of -0.19, ALMS and ETON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALMS correlations · ETON correlations
