BYSI vs HOVR: Correlation
Measured on weekly returns over the past three years, BeyondSpring, Inc. (BYSI) and New Horizon Aircraft Ltd. - Class A (HOVR) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BYSI and HOVR?
Across a 3-year window, the weekly returns of BYSI and HOVR correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.38). Stretching to 5 years gives n/a, with an annualized covariance of 6920.0 %².
Few assets follow BYSI as closely as HOVR, which ranks #3 of 12 tracked partners. The last year tells two different stories: HOVR led by 63.7 percentage points, -64.8% for BYSI against -1.1% for HOVR. Note the risk asymmetry: HOVR runs 1.8 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.
BYSI vs HOVR: side by side
| BYSI (BeyondSpring, Inc.) | HOVR (New Horizon Aircraft Ltd. - Class A) | |
|---|---|---|
| 1-year return | -64.8% | -1.1% |
| 5-year return | -97.7% | n/a |
| Volatility (ann.) | 101.3% | 177.8% |
| Beta vs S&P 500 | 0.29 | 0.74 |
| Max drawdown (3Y) | -82.4% | -97.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BYSI | HOVR |
|---|---|---|
| 2022 | -58.5% | – |
| 2023 | -52.1% | – |
| 2024 | +81.1% | -86.4% |
| 2025 | +0.0% | +30.1% |
| 2026 | -60.7% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BYSI and HOVR good diversifiers for each other?
Reasonably. At 0.38, BYSI and HOVR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BYSI and HOVR?
The BYSI/HOVR correlation stands at 0.38 on a 3-year window (1 year: 0.10, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is HOVR a good diversifier for BYSI?
Reasonably. At 0.38, BYSI and HOVR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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/bysi-vs-hovr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bysi-vs-hovr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BYSI correlations · HOVR correlations
