EBS vs TRTX: Correlation
How closely do Emergent BioSolutions Inc. (EBS) and TPG RE Finance Trust, Inc. (TRTX) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and TRTX?
Across a 3-year window, the weekly returns of EBS and TRTX correlate at 0.47, moderate. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.47). Stretching to 5 years gives 0.33, with an annualized covariance of 1652.1 %².
TRTX is one of the assets that tracks EBS most closely: it ranks #2 out of the 15 assets we track against EBS. Their recent paths diverged sharply: over the last 12 months TRTX outperformed by 24.5 percentage points (-30.8% for EBS against -6.3% for TRTX). Note the risk asymmetry: EBS runs 4.2 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.
EBS vs TRTX: side by side
| EBS (Emergent BioSolutions Inc.) | TRTX (TPG RE Finance Trust, Inc.) | |
|---|---|---|
| 1-year return | -30.8% | -6.3% |
| 5-year return | -90.7% | +9.9% |
| Volatility (ann.) | 122.0% | 29.0% |
| Beta vs S&P 500 | 2.69 | 0.55 |
| Max drawdown (3Y) | -71.2% | -29.3% |
| Market cap | $0.3B | $0.6B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 0.00% | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBS | TRTX |
|---|---|---|
| 2022 | -72.8% | -38.4% |
| 2023 | -79.7% | +9.7% |
| 2024 | +298.3% | +46.9% |
| 2025 | +29.3% | +13.5% |
| 2026 | -51.9% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and TRTX good diversifiers for each other?
Reasonably. At 0.47, EBS and TRTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EBS and TRTX?
As of 2026-08-27, the correlation of weekly returns between EBS and TRTX is 0.47 over 3 years, -0.08 over 1 year and 0.33 over 5 years.
Is TRTX a good diversifier for EBS?
Reasonably. At 0.47, EBS and TRTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/ebs-vs-trtx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ebs-vs-trtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EBS correlations · TRTX correlations
