BTCT vs PULM: Correlation
How closely do BTC Digital Ltd. (BTCT) and Pulmatrix, Inc. (PULM) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTCT and PULM?
Across a 3-year window, the weekly returns of BTCT and PULM correlate at 0.85, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.85 over 3 years. Stretching to 5 years gives 0.82, with an annualized covariance of 70065.3 %².
Few assets follow BTCT as closely as PULM, which ranks #1 of 52 tracked partners. The last year tells two different stories: BTCT led by 48.5 percentage points, -20.2% for BTCT against -68.7% for PULM. Note the risk asymmetry: BTCT runs 3.9 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.
BTCT vs PULM: side by side
| BTCT (BTC Digital Ltd.) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | -20.2% | -68.7% |
| 5-year return | -99.5% | -90.6% |
| Volatility (ann.) | 571.6% | 144.8% |
| Beta vs S&P 500 | -2.21 | -0.18 |
| Max drawdown (3Y) | -97.8% | -88.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTCT | PULM |
|---|---|---|
| 2022 | -97.6% | -55.7% |
| 2023 | +33.9% | -52.1% |
| 2024 | -0.8% | +275.3% |
| 2025 | -72.8% | -68.1% |
| 2026 | +61.5% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTCT and PULM good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BTCT and PULM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.01 over the last year and 0.82 over 5 years.
Is PULM a good diversifier for BTCT?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
A reading of 0.85 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btct-vs-pulm.json
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Related comparisons
Hubs: BTCT correlations · PULM correlations
