FBIO vs TPST: Correlation
How closely do Fortress Biotech, Inc. (FBIO) and Tempest Therapeutics, Inc. (TPST) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIO and TPST?
On 3 years of weekly data the FBIO/TPST correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.02) runs above the 3-year figure (-0.24). The 5-year figure is -0.17, and annualized covariance runs at -17896.4 %².
Out of 12 assets tracked against FBIO, TPST lands near the bottom at #10. The last year tells two different stories: FBIO led by 109.7 percentage points, +19.7% for FBIO against -90.0% for TPST. Risk is not evenly split, since TPST carries 8.3 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.
FBIO vs TPST: side by side
| FBIO (Fortress Biotech, Inc.) | TPST (Tempest Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +19.7% | -90.0% |
| 5-year return | -94.3% | -99.4% |
| Volatility (ann.) | 94.3% | 782.8% |
| Beta vs S&P 500 | 1.35 | 1.97 |
| Max drawdown (3Y) | -78.2% | -99.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIO | TPST |
|---|---|---|
| 2022 | -73.6% | -78.2% |
| 2023 | -69.6% | +282.6% |
| 2024 | -32.6% | -81.0% |
| 2025 | +80.3% | -73.6% |
| 2026 | -23.5% | -62.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIO and TPST good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FBIO and TPST?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.02 over the last year and -0.17 over 5 years.
Is TPST a good diversifier for FBIO?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: FBIO correlations · TPST correlations
