DNLI vs IMA: Correlation
Measured on weekly returns over the past three years, Denali Therapeutics Inc. (DNLI) and ImageneBio, Inc. (IMA) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNLI and IMA?
On 3 years of weekly data the DNLI/IMA correlation comes out at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.39 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 1684.0 %².
By 3-year correlation, IMA places #20 of the 25 assets tracked against DNLI. The last year tells two different stories: DNLI led by 119.0 percentage points, +58.1% for DNLI against -60.9% for IMA.
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.
DNLI vs IMA: side by side
| DNLI (Denali Therapeutics Inc.) | IMA (ImageneBio, Inc.) | |
|---|---|---|
| 1-year return | +58.1% | -60.9% |
| 5-year return | -53.4% | -96.6% |
| Volatility (ann.) | 60.6% | 71.9% |
| Beta vs S&P 500 | 2.02 | 0.99 |
| Max drawdown (3Y) | -63.7% | -92.1% |
| Market cap | $3.9B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNLI | IMA |
|---|---|---|
| 2022 | -37.6% | -78.8% |
| 2023 | -22.8% | -25.9% |
| 2024 | -5.0% | -16.8% |
| 2025 | -19.0% | -64.9% |
| 2026 | +49.4% | -22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNLI and IMA good diversifiers for each other?
Reasonably. At 0.39, DNLI and IMA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DNLI and IMA?
As of 2026-08-27, the correlation of weekly returns between DNLI and IMA is 0.39 over 3 years, 0.19 over 1 year and 0.37 over 5 years.
Is IMA a good diversifier for DNLI?
Reasonably. At 0.39, DNLI and IMA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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/dnli-vs-ima.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnli-vs-ima/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DNLI correlations · IMA correlations
