CRT vs MBIO: Correlation
Measured on weekly returns over the past three years, Cross Timbers Royalty Trust (CRT) and Mustang Bio, Inc. (MBIO) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRT and MBIO?
Over the past 3 years, CRT and MBIO moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.06 versus -0.26 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -2139.7 %².
MBIO is close to the least connected end of CRT's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months CRT outperformed by 93.0 percentage points (+29.0% for CRT against -64.0% for MBIO). One caveat on sizing: MBIO is 6.1 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.
CRT vs MBIO: side by side
| CRT (Cross Timbers Royalty Trust) | MBIO (Mustang Bio, Inc.) | |
|---|---|---|
| 1-year return | +29.0% | -64.0% |
| 5-year return | +30.9% | -100.0% |
| Volatility (ann.) | 36.4% | 222.7% |
| Beta vs S&P 500 | 0.11 | 1.27 |
| Max drawdown (3Y) | -63.5% | -99.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 5.05% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRT | MBIO |
|---|---|---|
| 2022 | +145.9% | -76.2% |
| 2023 | -24.4% | -77.2% |
| 2024 | -39.1% | -86.9% |
| 2025 | -13.1% | -88.9% |
| 2026 | +36.2% | -43.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRT and MBIO good diversifiers for each other?
Yes. With a correlation of -0.26, CRT and MBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CRT and MBIO?
As of 2026-08-27, the correlation of weekly returns between CRT and MBIO is -0.26 over 3 years, 0.06 over 1 year and -0.10 over 5 years.
Is MBIO a good diversifier for CRT?
Yes. With a correlation of -0.26, CRT and MBIO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/crt-vs-mbio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crt-vs-mbio/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRT correlations · MBIO correlations
