DWTX vs ICON: Correlation
How closely do Dogwood Therapeutics, Inc. (DWTX) and Icon Energy Corp. (ICON) trade together? Their weekly returns over three years give a correlation of -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DWTX and ICON?
On 3 years of weekly data the DWTX/ICON correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.06) than the 3-year average (-0.42). The 5-year figure is n/a, and annualized covariance runs at -17482.5 %².
ICON is close to the least connected end of DWTX's tracked universe, ranking #17 of 18. The last year tells two different stories: DWTX led by 41.0 percentage points, -50.1% for DWTX against -91.1% for ICON. Note the risk asymmetry: DWTX runs 2.8 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.
DWTX vs ICON: side by side
| DWTX (Dogwood Therapeutics, Inc.) | ICON (Icon Energy Corp.) | |
|---|---|---|
| 1-year return | -50.1% | -91.1% |
| 5-year return | -98.2% | n/a |
| Volatility (ann.) | 314.7% | 114.3% |
| Beta vs S&P 500 | 2.56 | 2.01 |
| Max drawdown (3Y) | -95.6% | -99.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DWTX | ICON |
|---|---|---|
| 2022 | -95.4% | – |
| 2023 | +143.6% | – |
| 2024 | -82.7% | – |
| 2025 | +67.1% | -99.2% |
| 2026 | -44.2% | -71.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DWTX and ICON good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between DWTX and ICON?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with 0.06 over the last year and n/a over 5 years.
Is ICON a good diversifier for DWTX?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
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/dwtx-vs-icon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dwtx-vs-icon/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DWTX correlations · ICON correlations
