ASND vs GSIW: Correlation
How closely do Ascendis Pharma A/S (ASND) and Garden Stage Limited - Class A (GSIW) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASND and GSIW?
Over the past 3 years, ASND and GSIW moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.23 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1475.2 %².
GSIW is close to the least connected end of ASND's tracked universe, ranking #9 of 11. Their recent paths diverged sharply: over the last 12 months ASND outperformed by 53.7 percentage points (+29.2% for ASND against -24.5% for GSIW). Risk is not evenly split, since GSIW carries 4.0 times the volatility of the other side.
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.
ASND vs GSIW: side by side
| ASND (Ascendis Pharma A/S) | GSIW (Garden Stage Limited - Class A) | |
|---|---|---|
| 1-year return | +29.2% | -24.5% |
| 5-year return | +61.6% | n/a |
| Volatility (ann.) | 40.2% | 159.9% |
| Beta vs S&P 500 | 0.69 | 1.06 |
| Max drawdown (3Y) | -29.2% | -99.7% |
| Market cap | $16.4B | – |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASND | GSIW |
|---|---|---|
| 2022 | -9.2% | – |
| 2023 | +3.1% | – |
| 2024 | +9.3% | -91.5% |
| 2025 | +54.9% | -80.6% |
| 2026 | +16.9% | -41.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASND and GSIW 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 ASND and GSIW?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.22 over the last year and n/a over 5 years.
Is GSIW a good diversifier for ASND?
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?
On the −1 to +1 scale, -0.23 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.
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Related comparisons
Hubs: ASND correlations · GSIW correlations
