AXON vs DOCS: Correlation
How closely do Axon Enterprise (AXON) and Doximity, Inc. (DOCS) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and DOCS?
On 3 years of weekly data the AXON/DOCS correlation comes out at 0.53, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.53). The 5-year figure is 0.44, and annualized covariance runs at 1809.7 %².
By 3-year correlation, DOCS places #4 of the 35 assets tracked against AXON. The last year tells two different stories: AXON led by 41.8 percentage points, -20.6% for AXON against -62.4% for DOCS.
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 DOCS: side by side
| AXON (Axon Enterprise) | DOCS (Doximity, Inc.) | |
|---|---|---|
| 1-year return | -20.6% | -62.4% |
| 5-year return | +216.9% | -69.1% |
| Volatility (ann.) | 57.4% | 59.8% |
| Beta vs S&P 500 | 1.51 | 1.53 |
| Max drawdown (3Y) | -60.3% | -78.3% |
| Market cap | $49.7B | $4.6B |
| P/E (trailing) | 250.5 | 29.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | DOCS |
|---|---|---|
| 2022 | +5.7% | -33.1% |
| 2023 | +55.7% | -16.4% |
| 2024 | +130.1% | +90.4% |
| 2025 | -4.4% | -17.1% |
| 2026 | +7.6% | -42.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and DOCS good diversifiers for each other?
Only partially. A correlation of 0.53 means AXON and DOCS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AXON and DOCS?
As of 2026-08-27, the correlation of weekly returns between AXON and DOCS is 0.53 over 3 years, 0.43 over 1 year and 0.44 over 5 years.
Is DOCS a good diversifier for AXON?
Only partially. A correlation of 0.53 means AXON and DOCS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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.
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Related comparisons
Hubs: AXON correlations · DOCS correlations
