BFLY vs MNOV: Correlation
Butterfly Network, Inc. (BFLY) and MediciNova, Inc. (MNOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFLY and MNOV?
Over the past 3 years, BFLY and MNOV moved with a correlation of 0.31, which is moderate. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 1761.1 %².
MNOV is close to the least connected end of BFLY's tracked universe, ranking #8 of 11. The last year tells two different stories: BFLY led by 449.4 percentage points, +455.4% for BFLY against +6.0% for MNOV. One caveat on sizing: BFLY is 1.7 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.
BFLY vs MNOV: side by side
| BFLY (Butterfly Network, Inc.) | MNOV (MediciNova, Inc.) | |
|---|---|---|
| 1-year return | +455.4% | +6.0% |
| 5-year return | -27.5% | -62.8% |
| Volatility (ann.) | 98.1% | 57.3% |
| Beta vs S&P 500 | 2.32 | 0.17 |
| Max drawdown (3Y) | -72.4% | -53.7% |
| Market cap | $2.3B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFLY | MNOV |
|---|---|---|
| 2022 | -63.2% | -23.5% |
| 2023 | -56.1% | -26.8% |
| 2024 | +188.9% | +40.0% |
| 2025 | +21.8% | -37.6% |
| 2026 | +129.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFLY and MNOV good diversifiers for each other?
Reasonably. At 0.31, BFLY and MNOV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BFLY and MNOV?
The BFLY/MNOV correlation stands at 0.31 on a 3-year window (1 year: 0.23, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is MNOV a good diversifier for BFLY?
Reasonably. At 0.31, BFLY and MNOV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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/bfly-vs-mnov.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bfly-vs-mnov/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BFLY correlations · MNOV correlations
