CRNX vs RWT: Correlation
How closely do Crinetics Pharmaceuticals, Inc. (CRNX) and Redwood Trust, Inc. (RWT) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRNX and RWT?
Across a 3-year window, the weekly returns of CRNX and RWT correlate at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Stretching to 5 years gives 0.26, with an annualized covariance of 1111.6 %².
By 3-year correlation, RWT places #4 of the 12 assets tracked against CRNX. The last year tells two different stories: CRNX led by 190.9 percentage points, +179.1% for CRNX against -11.8% for RWT. Note the risk asymmetry: CRNX runs 2.9 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.
CRNX vs RWT: side by side
| CRNX (Crinetics Pharmaceuticals, Inc.) | RWT (Redwood Trust, Inc.) | |
|---|---|---|
| 1-year return | +179.1% | -11.8% |
| 5-year return | +269.7% | -35.7% |
| Volatility (ann.) | 91.7% | 31.6% |
| Beta vs S&P 500 | 1.58 | 0.87 |
| Max drawdown (3Y) | -57.9% | -33.8% |
| Market cap | $9.0B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 15.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRNX | RWT |
|---|---|---|
| 2022 | -35.6% | -42.3% |
| 2023 | +94.4% | +21.6% |
| 2024 | +43.7% | -2.6% |
| 2025 | -9.0% | -4.1% |
| 2026 | +82.3% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRNX and RWT good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CRNX and RWT?
The CRNX/RWT correlation stands at 0.38 on a 3-year window (1 year: 0.35, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is RWT a good diversifier for CRNX?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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/crnx-vs-rwt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crnx-vs-rwt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRNX correlations · RWT correlations
