DARE vs DFNS: Correlation
Dare Bioscience, Inc. (DARE) and T3 Defense Inc. (DFNS) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DARE and DFNS?
Across a 3-year window, the weekly returns of DARE and DFNS correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.20, with an annualized covariance of -128925.9 %².
DFNS is close to the least connected end of DARE's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with DFNS ahead by 256.9 points (-63.4% versus +193.5%). Risk is not evenly split, since DFNS carries 64.7 times the volatility of the other side.
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.
DARE vs DFNS: side by side
| DARE (Dare Bioscience, Inc.) | DFNS (T3 Defense Inc.) | |
|---|---|---|
| 1-year return | -63.4% | +193.5% |
| 5-year return | -96.5% | -77.9% |
| Volatility (ann.) | 94.9% | 6136.1% |
| Beta vs S&P 500 | 1.76 | -23.33 |
| Max drawdown (3Y) | -91.3% | -99.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DARE | DFNS |
|---|---|---|
| 2022 | -58.5% | +5.0% |
| 2023 | -62.8% | -62.5% |
| 2024 | -15.9% | +59.9% |
| 2025 | -38.1% | -89.0% |
| 2026 | -61.7% | +215.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DARE and DFNS good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DARE and DFNS?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.31 over the last year and -0.20 over 5 years.
Is DFNS a good diversifier for DARE?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DARE correlations · DFNS correlations
