CVR vs WVE: Correlation
Chicago Rivet & Machine Co. (CVR) and Wave Life Sciences, Inc. (WVE) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVR and WVE?
Over the past 3 years, CVR and WVE moved with a correlation of 0.42, which is moderate. The past 12 months show a tighter link (0.63) than the 3-year average (0.42). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 2405.9 %².
WVE is one of the assets that tracks CVR most closely: it ranks #1 out of the 11 assets we track against CVR. The last year tells two different stories: CVR led by 49.8 percentage points, +1.0% for CVR against -48.8% for WVE. One caveat on sizing: WVE is 2.2 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.
CVR vs WVE: side by side
| CVR (Chicago Rivet & Machine Co.) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | +1.0% | -48.8% |
| 5-year return | -56.4% | -15.0% |
| Volatility (ann.) | 50.8% | 113.5% |
| Beta vs S&P 500 | 0.97 | 1.84 |
| Max drawdown (3Y) | -58.1% | -76.3% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVR | WVE |
|---|---|---|
| 2022 | +12.5% | +122.9% |
| 2023 | -39.0% | -27.9% |
| 2024 | -4.8% | +145.0% |
| 2025 | -11.3% | +37.4% |
| 2026 | -27.2% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVR and WVE good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVR and WVE?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.63 over the last year and 0.31 over 5 years.
Is WVE a good diversifier for CVR?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/cvr-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvr-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVR correlations · WVE correlations
