CRNC vs FBRX: Correlation
How closely do Cerence Inc. (CRNC) and Forte Biosciences, Inc. (FBRX) 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 CRNC and FBRX?
Across a 3-year window, the weekly returns of CRNC and FBRX correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.43, with an annualized covariance of 9335.4 %².
Within CRNC's tracked universe of 21 assets, FBRX comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FBRX outperformed by 603.5 percentage points (-19.8% for CRNC against +583.7% for FBRX).
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.
CRNC vs FBRX: side by side
| CRNC (Cerence Inc.) | FBRX (Forte Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -19.8% | +583.7% |
| 5-year return | -92.5% | -89.5% |
| Volatility (ann.) | 136.3% | 157.4% |
| Beta vs S&P 500 | 2.35 | 1.45 |
| Max drawdown (3Y) | -90.9% | -81.2% |
| Market cap | $0.4B | $1.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRNC | FBRX |
|---|---|---|
| 2022 | -75.8% | -53.3% |
| 2023 | +6.1% | -17.8% |
| 2024 | -60.1% | +10.5% |
| 2025 | +36.2% | +20.1% |
| 2026 | -21.3% | +182.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRNC and FBRX good diversifiers for each other?
Reasonably. At 0.44, CRNC and FBRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CRNC and FBRX?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.05 over the last year and 0.43 over 5 years.
Is FBRX a good diversifier for CRNC?
Reasonably. At 0.44, CRNC and FBRX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crnc-vs-fbrx.json
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Related comparisons
Hubs: CRNC correlations · FBRX correlations
