FBRX vs REED: Correlation
How closely do Forte Biosciences, Inc. (FBRX) and Reed's, Inc. (REED) 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 FBRX and REED?
Across a 3-year window, the weekly returns of FBRX and REED correlate at -0.24, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.15 lands near the 3-year figure. Stretching to 5 years gives -0.17, with an annualized covariance of -3930.6 %².
REED is close to the least connected end of FBRX's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months FBRX outperformed by 667.8 percentage points (+583.7% for FBRX against -84.1% for REED). Risk is not evenly split, since FBRX carries 1.5 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.
FBRX vs REED: side by side
| FBRX (Forte Biosciences, Inc.) | REED (Reed's, Inc.) | |
|---|---|---|
| 1-year return | +583.7% | -84.1% |
| 5-year return | -89.5% | -99.5% |
| Volatility (ann.) | 157.4% | 104.6% |
| Beta vs S&P 500 | 1.45 | -0.39 |
| Max drawdown (3Y) | -81.2% | -96.4% |
| Market cap | $1.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBRX | REED |
|---|---|---|
| 2022 | -53.3% | -80.6% |
| 2023 | -17.8% | -54.3% |
| 2024 | +10.5% | -60.6% |
| 2025 | +20.1% | -44.4% |
| 2026 | +182.3% | -53.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBRX and REED good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FBRX and REED?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.15 over the last year and -0.17 over 5 years.
Is REED a good diversifier for FBRX?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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
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Related comparisons
Hubs: FBRX correlations · REED correlations
