BHVN vs HQL: Correlation
Measured on weekly returns over the past three years, Biohaven Ltd. (BHVN) and abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHVN and HQL?
Over the past 3 years, BHVN and HQL moved with a correlation of 0.49, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.62 versus 0.49 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 899.9 %².
In BHVN's tracked universe of 10 assets, HQL sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months HQL outperformed by 72.6 percentage points (+3.3% for BHVN against +75.9% for HQL). Note the risk asymmetry: BHVN runs 3.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BHVN vs HQL: side by side
| BHVN (Biohaven Ltd.) | HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +3.3% | +75.9% |
| 5-year return | n/a | +74.1% |
| Volatility (ann.) | 78.0% | 23.5% |
| Beta vs S&P 500 | 1.60 | 0.88 |
| Max drawdown (3Y) | -87.0% | -25.1% |
| Market cap | $2.4B | – |
| P/E (trailing) | – | 3.2 |
| Dividend yield | 0.00% | 8.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHVN | HQL |
|---|---|---|
| 2022 | – | -19.2% |
| 2023 | +208.4% | +4.2% |
| 2024 | -12.7% | +11.0% |
| 2025 | -69.8% | +45.5% |
| 2026 | +42.8% | +40.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHVN and HQL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BHVN and HQL?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.62 over the last year and 0.38 over 5 years.
Is HQL a good diversifier for BHVN?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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/bhvn-vs-hql.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bhvn-vs-hql/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHVN correlations · HQL correlations
