AMGN vs AREN: Correlation
How closely do Amgen (AMGN) and The Arena Group Holdings, Inc. (AREN) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMGN and AREN?
Across a 3-year window, the weekly returns of AMGN and AREN correlate at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -1023.5 %².
Among the 31 assets we track against AMGN, AREN sits near the bottom by co-movement, at rank #28. Correlation aside, the last 12 months split them widely, with AMGN ahead by 140.8 points (+56.0% versus -84.8%). One caveat on sizing: AREN is 6.0 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.
AMGN vs AREN: side by side
| AMGN (Amgen) | AREN (The Arena Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +56.0% | -84.8% |
| 5-year return | +127.8% | -93.0% |
| Volatility (ann.) | 26.3% | 157.6% |
| Beta vs S&P 500 | 0.34 | 0.49 |
| Max drawdown (3Y) | -22.7% | -91.7% |
| Market cap | $236.3B | – |
| P/E (trailing) | 27.3 | 4.9 |
| Dividend yield | 2.23% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | AMGN | AREN |
|---|---|---|
| 2022 | +20.4% | -24.6% |
| 2023 | +13.5% | -77.6% |
| 2024 | -6.8% | -43.7% |
| 2025 | +29.7% | +198.5% |
| 2026 | +36.2% | -76.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMGN and AREN good diversifiers for each other?
Yes. With a correlation of -0.25, AMGN and AREN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMGN and AREN?
The AMGN/AREN correlation stands at -0.25 on a 3-year window (1 year: -0.15, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is AREN a good diversifier for AMGN?
Yes. With a correlation of -0.25, AMGN and AREN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/amgn-vs-aren.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amgn-vs-aren/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMGN correlations · AREN correlations
