AREN vs PULM: Correlation
The Arena Group Holdings, Inc. (AREN) and Pulmatrix, Inc. (PULM) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and PULM?
On 3 years of weekly data the AREN/PULM correlation comes out at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.00) runs below the 3-year figure (0.57). The 5-year figure is 0.51, and annualized covariance runs at 13041.5 %².
By 3-year correlation, PULM places #4 of the 22 assets tracked against AREN. Their recent paths diverged sharply: over the last 12 months PULM outperformed by 16.1 percentage points (-84.8% for AREN against -68.7% for PULM).
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 PULM: side by side
| AREN (The Arena Group Holdings, Inc.) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | -84.8% | -68.7% |
| 5-year return | -93.0% | -90.6% |
| Volatility (ann.) | 157.6% | 144.8% |
| Beta vs S&P 500 | 0.49 | -0.18 |
| Max drawdown (3Y) | -91.7% | -88.1% |
| Market cap | – | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREN | PULM |
|---|---|---|
| 2022 | -24.6% | -55.7% |
| 2023 | -77.6% | -52.1% |
| 2024 | -43.7% | +275.3% |
| 2025 | +198.5% | -68.1% |
| 2026 | -76.5% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and PULM good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AREN and PULM?
As of 2026-08-27, the correlation of weekly returns between AREN and PULM is 0.57 over 3 years, 0.00 over 1 year and 0.51 over 5 years.
Is PULM a good diversifier for AREN?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aren-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AREN correlations · PULM correlations
