AXON vs BYRN: Correlation
How closely do Axon Enterprise (AXON) and Byrna Technologies, Inc. (BYRN) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and BYRN?
On 3 years of weekly data the AXON/BYRN correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 1898.8 %².
Among the 35 assets we track against AXON, BYRN ranks #19 by 3-year correlation. The last year tells two different stories: AXON led by 61.6 percentage points, -20.6% for AXON against -82.2% for BYRN. One caveat on sizing: BYRN is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AXON vs BYRN: side by side
| AXON (Axon Enterprise) | BYRN (Byrna Technologies, Inc.) | |
|---|---|---|
| 1-year return | -20.6% | -82.2% |
| 5-year return | +216.9% | -87.6% |
| Volatility (ann.) | 57.4% | 87.2% |
| Beta vs S&P 500 | 1.51 | 1.40 |
| Max drawdown (3Y) | -60.3% | -90.7% |
| Market cap | $49.7B | $0.1B |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | BYRN |
|---|---|---|
| 2022 | +5.7% | -41.3% |
| 2023 | +55.7% | -18.5% |
| 2024 | +130.1% | +350.9% |
| 2025 | -4.4% | -41.7% |
| 2026 | +7.6% | -78.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and BYRN 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 AXON and BYRN?
The AXON/BYRN correlation stands at 0.38 on a 3-year window (1 year: 0.47, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is BYRN a good diversifier for AXON?
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?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AXON correlations · BYRN correlations
