ARTNA vs AXGN: Correlation
Measured on weekly returns over the past three years, Artesian Resources Corporation - Class A Non-Voting (ARTNA) and Axogen, Inc. (AXGN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTNA and AXGN?
Across a 3-year window, the weekly returns of ARTNA and AXGN correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.23 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -326.5 %².
Among the 12 assets we track against ARTNA, AXGN sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AXGN ahead by 209.9 points (+10.6% versus +220.5%). One caveat on sizing: AXGN is 2.8 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.
ARTNA vs AXGN: side by side
| ARTNA (Artesian Resources Corporation - Class A Non-Voting) | AXGN (Axogen, Inc.) | |
|---|---|---|
| 1-year return | +10.6% | +220.5% |
| 5-year return | +4.6% | +213.9% |
| Volatility (ann.) | 22.9% | 63.3% |
| Beta vs S&P 500 | 0.27 | 1.11 |
| Max drawdown (3Y) | -34.3% | -53.8% |
| Market cap | $0.4B | $2.8B |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 3.54% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTNA | AXGN |
|---|---|---|
| 2022 | +29.3% | +6.5% |
| 2023 | -27.6% | -31.6% |
| 2024 | -21.2% | +141.3% |
| 2025 | +3.8% | +98.6% |
| 2026 | +15.0% | +58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTNA and AXGN good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between ARTNA and AXGN?
The ARTNA/AXGN correlation stands at -0.23 on a 3-year window (1 year: -0.36, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is AXGN a good diversifier for ARTNA?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 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/artna-vs-axgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/artna-vs-axgn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARTNA correlations · AXGN correlations
