AWX vs PULM: Correlation
How closely do Avalon Holdings Corporation (AWX) and Pulmatrix, Inc. (PULM) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWX and PULM?
On 3 years of weekly data the AWX/PULM correlation comes out at 0.44, moderate. The link has loosened recently: the 1-year correlation (-0.01) runs below the 3-year figure (0.44). The 5-year figure is 0.36, and annualized covariance runs at 2211.5 %².
In AWX's tracked universe of 12 assets, PULM sits right near the top at #1. The last year tells two different stories: AWX led by 77.6 percentage points, +8.9% for AWX against -68.7% for PULM. Note the risk asymmetry: PULM runs 4.1 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.
AWX vs PULM: side by side
| AWX (Avalon Holdings Corporation) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | +8.9% | -68.7% |
| 5-year return | -37.9% | -90.6% |
| Volatility (ann.) | 35.1% | 144.8% |
| Beta vs S&P 500 | 0.10 | -0.18 |
| Max drawdown (3Y) | -51.9% | -88.1% |
| Market cap | – | – |
| P/E (trailing) | 9.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWX | PULM |
|---|---|---|
| 2022 | -23.8% | -55.7% |
| 2023 | -13.1% | -52.1% |
| 2024 | +61.9% | +275.3% |
| 2025 | -30.5% | -68.1% |
| 2026 | +0.4% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWX and PULM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AWX and PULM?
The AWX/PULM correlation stands at 0.44 on a 3-year window (1 year: -0.01, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is PULM a good diversifier for AWX?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: AWX correlations · PULM correlations
