ARDX vs REFR: Correlation
Measured on weekly returns over the past three years, Ardelyx, Inc. (ARDX) and Research Frontiers Incorporated (REFR) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARDX and REFR?
Over the past 3 years, ARDX and REFR moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -1052.0 %².
Out of 11 assets tracked against ARDX, REFR lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with ARDX ahead by 27.1 points (-38.3% versus -65.4%).
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.
ARDX vs REFR: side by side
| ARDX (Ardelyx, Inc.) | REFR (Research Frontiers Incorporated) | |
|---|---|---|
| 1-year return | -38.3% | -65.4% |
| 5-year return | +165.3% | -78.3% |
| Volatility (ann.) | 70.9% | 68.5% |
| Beta vs S&P 500 | 1.03 | 0.52 |
| Max drawdown (3Y) | -66.3% | -83.5% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARDX | REFR |
|---|---|---|
| 2022 | +159.1% | +11.0% |
| 2023 | +117.5% | -47.1% |
| 2024 | -18.2% | +69.3% |
| 2025 | +15.0% | -23.4% |
| 2026 | -34.5% | -63.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARDX and REFR good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARDX and REFR?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.24 over the last year and -0.09 over 5 years.
Is REFR a good diversifier for ARDX?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/ardx-vs-refr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ardx-vs-refr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARDX correlations · REFR correlations
