CMCL vs PULM: Correlation
How closely do Caledonia Mining Corporation Plc (CMCL) and Pulmatrix, Inc. (PULM) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and PULM?
On 3 years of weekly data the CMCL/PULM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.02) than the 3-year average (-0.25). The 5-year figure is -0.16, and annualized covariance runs at -1942.8 %².
Among the 13 assets we track against CMCL, PULM sits near the bottom by co-movement, at rank #12. The last year tells two different stories: CMCL led by 74.1 percentage points, +5.4% for CMCL against -68.7% for PULM. One caveat on sizing: PULM is 2.7 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.
CMCL vs PULM: side by side
| CMCL (Caledonia Mining Corporation Plc) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | +5.4% | -68.7% |
| 5-year return | +156.5% | -90.6% |
| Volatility (ann.) | 52.7% | 144.8% |
| Beta vs S&P 500 | 1.10 | -0.18 |
| Max drawdown (3Y) | -55.2% | -88.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | PULM |
|---|---|---|
| 2022 | +11.4% | -55.7% |
| 2023 | +2.6% | -52.1% |
| 2024 | -18.9% | +275.3% |
| 2025 | +183.7% | -68.1% |
| 2026 | -1.4% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and PULM good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CMCL and PULM?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.02 over the last year and -0.16 over 5 years.
Is PULM a good diversifier for CMCL?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/cmcl-vs-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmcl-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCL correlations · PULM correlations
