CLH vs MNOV: Correlation
Clean Harbors, Inc. (CLH) and MediciNova, Inc. (MNOV) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLH and MNOV?
Over the past 3 years, CLH and MNOV moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.24 over 3 years. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -323.1 %².
Out of 17 assets tracked against CLH, MNOV lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with CLH ahead by 21.0 points (+27.0% versus +6.0%). Note the risk asymmetry: MNOV runs 2.4 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.
CLH vs MNOV: side by side
| CLH (Clean Harbors, Inc.) | MNOV (MediciNova, Inc.) | |
|---|---|---|
| 1-year return | +27.0% | +6.0% |
| 5-year return | +204.2% | -62.8% |
| Volatility (ann.) | 23.8% | 57.3% |
| Beta vs S&P 500 | 0.66 | 0.17 |
| Max drawdown (3Y) | -30.9% | -53.7% |
| Market cap | $16.5B | $0.1B |
| P/E (trailing) | 37.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLH | MNOV |
|---|---|---|
| 2022 | +14.4% | -23.5% |
| 2023 | +52.9% | -26.8% |
| 2024 | +31.9% | +40.0% |
| 2025 | +1.9% | -37.6% |
| 2026 | +33.0% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLH and MNOV good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLH and MNOV?
As of 2026-08-27, the correlation of weekly returns between CLH and MNOV is -0.24 over 3 years, -0.42 over 1 year and -0.13 over 5 years.
Is MNOV a good diversifier for CLH?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/clh-vs-mnov.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/clh-vs-mnov/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLH correlations · MNOV correlations
