DFNS vs ZVRA: Correlation
Measured on weekly returns over the past three years, T3 Defense Inc. (DFNS) and Zevra Therapeutics, Inc. (ZVRA) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and ZVRA?
Over the past 3 years, DFNS and ZVRA moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.24 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -90886.3 %².
Within DFNS's tracked universe of 44 assets, ZVRA comes in at #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 166.9 percentage points (+193.5% for DFNS against +26.6% for ZVRA). Note the risk asymmetry: DFNS runs 100.1 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.
DFNS vs ZVRA: side by side
| DFNS (T3 Defense Inc.) | ZVRA (Zevra Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +193.5% | +26.6% |
| 5-year return | -77.9% | +33.0% |
| Volatility (ann.) | 6136.1% | 61.3% |
| Beta vs S&P 500 | -23.33 | 0.96 |
| Max drawdown (3Y) | -99.9% | -43.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | ZVRA |
|---|---|---|
| 2022 | +5.0% | -47.3% |
| 2023 | -62.5% | +42.7% |
| 2024 | +59.9% | +27.3% |
| 2025 | -89.0% | +7.4% |
| 2026 | +215.4% | +32.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and ZVRA good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between DFNS and ZVRA?
As of 2026-08-27, the correlation of weekly returns between DFNS and ZVRA is -0.24 over 3 years, -0.42 over 1 year and -0.18 over 5 years.
Is ZVRA a good diversifier for DFNS?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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.
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Related comparisons
Hubs: DFNS correlations · ZVRA correlations
