AQMS vs RANI: Correlation
Measured on weekly returns over the past three years, Aqua Metals, Inc. (AQMS) and Rani Therapeutics Holdings, Inc. (RANI) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQMS and RANI?
Across a 3-year window, the weekly returns of AQMS and RANI correlate at 0.61, strong. The link has tightened recently: the 1-year correlation (0.79) runs above the 3-year figure (0.61). Stretching to 5 years gives 0.51, with an annualized covariance of 14043.2 %².
RANI is one of the assets that tracks AQMS most closely: it ranks #2 out of the 15 assets we track against AQMS. Correlation aside, the last 12 months split them widely, with RANI ahead by 77.6 points (-25.9% versus +51.7%).
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.
AQMS vs RANI: side by side
| AQMS (Aqua Metals, Inc.) | RANI (Rani Therapeutics Holdings, Inc.) | |
|---|---|---|
| 1-year return | -25.9% | +51.7% |
| 5-year return | -99.4% | -95.2% |
| Volatility (ann.) | 132.6% | 174.6% |
| Beta vs S&P 500 | 1.86 | 1.62 |
| Max drawdown (3Y) | -98.9% | -94.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQMS | RANI |
|---|---|---|
| 2022 | +1.6% | -63.9% |
| 2023 | -39.2% | -43.7% |
| 2024 | -83.4% | -58.7% |
| 2025 | -81.0% | -1.5% |
| 2026 | -41.5% | -36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQMS and RANI good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AQMS and RANI?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.79 over the last year and 0.51 over 5 years.
Is RANI a good diversifier for AQMS?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/aqms-vs-rani.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aqms-vs-rani/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AQMS correlations · RANI correlations
