CGON vs PYXS: Correlation
How closely do CG Oncology, Inc. (CGON) and Pyxis Oncology, Inc. (PYXS) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGON and PYXS?
Across a 3-year window, the weekly returns of CGON and PYXS correlate at 0.44, moderate. The link has tightened recently: the 1-year correlation (0.61) runs above the 3-year figure (0.44). Stretching to 5 years gives n/a, with an annualized covariance of 3197.3 %².
Among the 17 assets we track against CGON, PYXS ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CGON outperformed by 54.3 percentage points (+198.4% for CGON against +144.1% for PYXS). One caveat on sizing: PYXS is 1.9 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.
CGON vs PYXS: side by side
| CGON (CG Oncology, Inc.) | PYXS (Pyxis Oncology, Inc.) | |
|---|---|---|
| 1-year return | +198.4% | +144.1% |
| 5-year return | n/a | -74.8% |
| Volatility (ann.) | 61.8% | 120.2% |
| Beta vs S&P 500 | 1.57 | 1.51 |
| Max drawdown (3Y) | -67.5% | -86.7% |
| Market cap | $7.0B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGON | PYXS |
|---|---|---|
| 2022 | – | -87.8% |
| 2023 | – | +34.3% |
| 2024 | – | -13.3% |
| 2025 | +44.8% | -26.3% |
| 2026 | +90.3% | +188.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGON and PYXS good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CGON and PYXS?
The CGON/PYXS correlation stands at 0.44 on a 3-year window (1 year: 0.61, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PYXS a good diversifier for CGON?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/cgon-vs-pyxs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgon-vs-pyxs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGON correlations · PYXS correlations
