AMLX vs HOVR: Correlation
How closely do Amylyx Pharmaceuticals, Inc. (AMLX) and New Horizon Aircraft Ltd. - Class A (HOVR) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMLX and HOVR?
On 3 years of weekly data the AMLX/HOVR correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.08 versus -0.24 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -4143.0 %².
Among the 17 assets we track against AMLX, HOVR sits near the bottom by co-movement, at rank #14. The last year tells two different stories: AMLX led by 294.5 percentage points, +293.4% for AMLX against -1.1% for HOVR. Risk is not evenly split, since HOVR carries 1.8 times the volatility of the other side.
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.
AMLX vs HOVR: side by side
| AMLX (Amylyx Pharmaceuticals, Inc.) | HOVR (New Horizon Aircraft Ltd. - Class A) | |
|---|---|---|
| 1-year return | +293.4% | -1.1% |
| 5-year return | +105.8% | n/a |
| Volatility (ann.) | 97.8% | 177.8% |
| Beta vs S&P 500 | 1.29 | 0.74 |
| Max drawdown (3Y) | -92.6% | -97.6% |
| Market cap | $4.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMLX | HOVR |
|---|---|---|
| 2023 | -60.2% | – |
| 2024 | -74.3% | -86.4% |
| 2025 | +219.6% | +30.1% |
| 2026 | +207.8% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMLX and HOVR good diversifiers for each other?
Yes. With a correlation of -0.24, AMLX and HOVR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMLX and HOVR?
As of 2026-08-27, the correlation of weekly returns between AMLX and HOVR is -0.24 over 3 years, 0.08 over 1 year and n/a over 5 years.
Is HOVR a good diversifier for AMLX?
Yes. With a correlation of -0.24, AMLX and HOVR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/amlx-vs-hovr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amlx-vs-hovr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMLX correlations · HOVR correlations
