AREN vs GILD: Correlation
The Arena Group Holdings, Inc. (AREN) and Gilead Sciences (GILD) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and GILD?
On 3 years of weekly data the AREN/GILD correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.12 over 1 year against -0.22 over 3. The 5-year figure is -0.15, and annualized covariance runs at -843.2 %².
By 3-year correlation, GILD places #17 of the 22 assets tracked against AREN. The last year tells two different stories: GILD led by 118.9 percentage points, -84.8% for AREN against +34.1% for GILD. Note the risk asymmetry: AREN runs 6.5 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.
AREN vs GILD: side by side
| AREN (The Arena Group Holdings, Inc.) | GILD (Gilead Sciences) | |
|---|---|---|
| 1-year return | -84.8% | +34.1% |
| 5-year return | -93.0% | +148.1% |
| Volatility (ann.) | 157.6% | 24.1% |
| Beta vs S&P 500 | 0.49 | 0.33 |
| Max drawdown (3Y) | -91.7% | -26.6% |
| Market cap | – | $184.6B |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 2.17% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AREN | GILD |
|---|---|---|
| 2022 | -24.6% | +23.6% |
| 2023 | -77.6% | -2.0% |
| 2024 | -43.7% | +18.7% |
| 2025 | +198.5% | +36.6% |
| 2026 | -76.5% | +22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and GILD good diversifiers for each other?
Yes. With a correlation of -0.22, AREN and GILD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AREN and GILD?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.12 over the last year and -0.15 over 5 years.
Is GILD a good diversifier for AREN?
Yes. With a correlation of -0.22, AREN and GILD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aren-vs-gild.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aren-vs-gild/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AREN correlations · GILD correlations
