AXG vs BYSI: Correlation
How closely do Solowin Holdings - Class A (AXG) and BeyondSpring, Inc. (BYSI) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXG and BYSI?
On 3 years of weekly data the AXG/BYSI correlation comes out at 0.31, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.31). The 5-year figure is n/a, and annualized covariance runs at 5152.8 %².
Within AXG's tracked universe of 11 assets, BYSI comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AXG ahead by 22.2 points (-42.6% versus -64.8%). Note the risk asymmetry: AXG runs 1.6 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.
AXG vs BYSI: side by side
| AXG (Solowin Holdings - Class A) | BYSI (BeyondSpring, Inc.) | |
|---|---|---|
| 1-year return | -42.6% | -64.8% |
| 5-year return | n/a | -97.7% |
| Volatility (ann.) | 162.4% | 101.3% |
| Beta vs S&P 500 | 0.61 | 0.29 |
| Max drawdown (3Y) | -97.5% | -82.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXG | BYSI |
|---|---|---|
| 2022 | – | -58.5% |
| 2023 | – | -52.1% |
| 2024 | -44.8% | +81.1% |
| 2025 | +149.1% | +0.0% |
| 2026 | -45.3% | -60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXG and BYSI good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXG and BYSI?
As of 2026-08-27, the correlation of weekly returns between AXG and BYSI is 0.31 over 3 years, 0.15 over 1 year and n/a over 5 years.
Is BYSI a good diversifier for AXG?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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/axg-vs-bysi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axg-vs-bysi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXG correlations · BYSI correlations
