AREN vs MRK: Correlation
The Arena Group Holdings, Inc. (AREN) and Merck & Co. (MRK) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and MRK?
Across a 3-year window, the weekly returns of AREN and MRK correlate at -0.18, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.18). Stretching to 5 years gives -0.18, with an annualized covariance of -798.5 %².
By 3-year correlation, MRK places #15 of the 22 assets tracked against AREN. Correlation aside, the last 12 months split them widely, with MRK ahead by 168.6 points (-84.8% versus +83.8%). One caveat on sizing: AREN is 5.6 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.
AREN vs MRK: side by side
| AREN (The Arena Group Holdings, Inc.) | MRK (Merck & Co.) | |
|---|---|---|
| 1-year return | -84.8% | +83.8% |
| 5-year return | -93.0% | +128.5% |
| Volatility (ann.) | 157.6% | 27.9% |
| Beta vs S&P 500 | 0.49 | 0.28 |
| Max drawdown (3Y) | -91.7% | -43.4% |
| Market cap | – | $368.9B |
| P/E (trailing) | 4.9 | 121.6 |
| Dividend yield | 0.00% | 2.17% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AREN | MRK |
|---|---|---|
| 2022 | -24.6% | +49.4% |
| 2023 | -77.6% | +1.0% |
| 2024 | -43.7% | -6.3% |
| 2025 | +198.5% | +9.8% |
| 2026 | -76.5% | +44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and MRK good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between AREN and MRK?
The AREN/MRK correlation stands at -0.18 on a 3-year window (1 year: -0.38, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is MRK a good diversifier for AREN?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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/aren-vs-mrk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aren-vs-mrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AREN correlations · MRK correlations
