CLDX vs TOVX: Correlation
Measured on weekly returns over the past three years, Celldex Therapeutics, Inc. (CLDX) and Theriva Biologics, Inc. (TOVX) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLDX and TOVX?
On 3 years of weekly data the CLDX/TOVX correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.32 over 3 years. The 5-year figure is 0.21, and annualized covariance runs at 2025.3 %².
Among the 18 assets we track against CLDX, TOVX sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months CLDX outperformed by 118.9 percentage points (+79.0% for CLDX against -39.9% for TOVX). Note the risk asymmetry: TOVX 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.
CLDX vs TOVX: side by side
| CLDX (Celldex Therapeutics, Inc.) | TOVX (Theriva Biologics, Inc.) | |
|---|---|---|
| 1-year return | +79.0% | -39.9% |
| 5-year return | -21.9% | -99.8% |
| Volatility (ann.) | 59.4% | 108.1% |
| Beta vs S&P 500 | 1.48 | 1.15 |
| Max drawdown (3Y) | -70.8% | -98.8% |
| Market cap | $3.2B | – |
| P/E (trailing) | – | 0.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLDX | TOVX |
|---|---|---|
| 2022 | +15.3% | -83.3% |
| 2023 | -11.0% | -4.4% |
| 2024 | -36.3% | -83.7% |
| 2025 | +7.5% | -88.0% |
| 2026 | +49.0% | +20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLDX and TOVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLDX and TOVX?
The CLDX/TOVX correlation stands at 0.32 on a 3-year window (1 year: 0.18, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is TOVX a good diversifier for CLDX?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 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/cldx-vs-tovx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cldx-vs-tovx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLDX correlations · TOVX correlations
