EWTX vs HQL: Correlation
Edgewise Therapeutics, Inc. (EWTX) and abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWTX and HQL?
Over the past 3 years, EWTX and HQL moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 939.7 %².
Few assets follow EWTX as closely as HQL, which ranks #1 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months EWTX outperformed by 129.9 percentage points (+205.8% for EWTX against +75.9% for HQL). Note the risk asymmetry: EWTX runs 3.3 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.
EWTX vs HQL: side by side
| EWTX (Edgewise Therapeutics, Inc.) | HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +205.8% | +75.9% |
| 5-year return | +194.6% | +74.1% |
| Volatility (ann.) | 77.7% | 23.5% |
| Beta vs S&P 500 | 2.04 | 0.88 |
| Max drawdown (3Y) | -68.8% | -25.1% |
| Market cap | $4.8B | – |
| P/E (trailing) | – | 3.2 |
| Dividend yield | 0.00% | 8.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EWTX | HQL |
|---|---|---|
| 2022 | -41.5% | -19.2% |
| 2023 | +22.4% | +4.2% |
| 2024 | +144.1% | +11.0% |
| 2025 | -7.1% | +45.5% |
| 2026 | +78.1% | +40.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWTX and HQL good diversifiers for each other?
Only partially. A correlation of 0.51 means EWTX and HQL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EWTX and HQL?
The EWTX/HQL correlation stands at 0.51 on a 3-year window (1 year: 0.58, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is HQL a good diversifier for EWTX?
Only partially. A correlation of 0.51 means EWTX and HQL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewtx-vs-hql.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ewtx-vs-hql/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWTX correlations · HQL correlations
