AXGN vs NTRA: Correlation
Axogen, Inc. (AXGN) and Natera, Inc. (NTRA) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and NTRA?
On 3 years of weekly data the AXGN/NTRA correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 1101.5 %².
NTRA is one of the assets that tracks AXGN most closely: it ranks #1 out of the 14 assets we track against AXGN. Their recent paths diverged sharply: over the last 12 months AXGN outperformed by 112.8 percentage points (+220.5% for AXGN against +107.7% for NTRA).
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.
AXGN vs NTRA: side by side
| AXGN (Axogen, Inc.) | NTRA (Natera, Inc.) | |
|---|---|---|
| 1-year return | +220.5% | +107.7% |
| 5-year return | +213.9% | +182.7% |
| Volatility (ann.) | 63.3% | 45.2% |
| Beta vs S&P 500 | 1.11 | 1.27 |
| Max drawdown (3Y) | -53.8% | -39.9% |
| Market cap | $2.8B | $48.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXGN | NTRA |
|---|---|---|
| 2022 | +6.5% | -57.0% |
| 2023 | -31.6% | +55.9% |
| 2024 | +141.3% | +152.7% |
| 2025 | +98.6% | +44.7% |
| 2026 | +58.1% | +47.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and NTRA good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXGN and NTRA?
As of 2026-08-27, the correlation of weekly returns between AXGN and NTRA is 0.38 over 3 years, 0.39 over 1 year and 0.36 over 5 years.
Is NTRA a good diversifier for AXGN?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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
$ curl https://www.pairbook.io/api/v1/pairs/axgn-vs-ntra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axgn-vs-ntra/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXGN correlations · NTRA correlations
