DUO vs FENC: Correlation
How closely do Fangdd Network Group Ltd. - Class A (DUO) and Fennec Pharmaceuticals Inc. (FENC) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DUO and FENC?
On 3 years of weekly data the DUO/FENC correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.25). The 5-year figure is -0.15, and annualized covariance runs at -4065.2 %².
FENC is close to the least connected end of DUO's tracked universe, ranking #13 of 15. The last year tells two different stories: FENC led by 84.0 percentage points, -53.8% for DUO against +30.2% for FENC. Risk is not evenly split, since DUO carries 4.8 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.
DUO vs FENC: side by side
| DUO (Fangdd Network Group Ltd. - Class A) | FENC (Fennec Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | -53.8% | +30.2% |
| 5-year return | -100.0% | +49.7% |
| Volatility (ann.) | 278.7% | 58.3% |
| Beta vs S&P 500 | 1.68 | 1.41 |
| Max drawdown (3Y) | -99.2% | -65.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DUO | FENC |
|---|---|---|
| 2022 | -89.0% | +118.2% |
| 2023 | -94.2% | +16.9% |
| 2024 | -11.1% | -43.7% |
| 2025 | -84.7% | +21.8% |
| 2026 | -52.2% | +52.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DUO and FENC good diversifiers for each other?
Yes. With a correlation of -0.25, DUO and FENC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DUO and FENC?
The DUO/FENC correlation stands at -0.25 on a 3-year window (1 year: -0.13, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is FENC a good diversifier for DUO?
Yes. With a correlation of -0.25, DUO and FENC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/duo-vs-fenc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/duo-vs-fenc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DUO correlations · FENC correlations
