AXIL vs WVE: Correlation
AXIL Brands, Inc. (AXIL) and Wave Life Sciences, Inc. (WVE) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXIL and WVE?
Over the past 3 years, AXIL and WVE moved with a correlation of 0.32, which is moderate. The link has tightened recently: the 1-year correlation (0.54) runs above the 3-year figure (0.32). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 3671.7 %².
Within AXIL's tracked universe of 12 assets, WVE comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AXIL ahead by 51.1 points (+2.3% versus -48.8%).
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.
AXIL vs WVE: side by side
| AXIL (AXIL Brands, Inc.) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | +2.3% | -48.8% |
| 5-year return | n/a | -15.0% |
| Volatility (ann.) | 94.8% | 113.5% |
| Beta vs S&P 500 | 0.78 | 1.84 |
| Max drawdown (3Y) | -74.3% | -76.3% |
| Market cap | – | $1.0B |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXIL | WVE |
|---|---|---|
| 2022 | – | +122.9% |
| 2023 | – | -27.9% |
| 2024 | – | +145.0% |
| 2025 | +79.5% | +37.4% |
| 2026 | -8.5% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXIL and WVE good diversifiers for each other?
Reasonably. At 0.32, AXIL and WVE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AXIL and WVE?
The AXIL/WVE correlation stands at 0.32 on a 3-year window (1 year: 0.54, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WVE a good diversifier for AXIL?
Reasonably. At 0.32, AXIL and WVE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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/axil-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axil-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXIL correlations · WVE correlations
