FDX vs OBIO: Correlation
Measured on weekly returns over the past three years, FedEx (FDX) and Orchestra BioMed Holdings, Inc. (OBIO) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and OBIO?
Across a 3-year window, the weekly returns of FDX and OBIO correlate at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.13) runs below the 3-year figure (0.42). Stretching to 5 years gives 0.20, with an annualized covariance of 1025.2 %².
By 3-year correlation, OBIO places #21 of the 36 assets tracked against FDX. Twelve-month performance is nearly a tie, at +80.6% for FDX and +79.9% for OBIO. One caveat on sizing: OBIO is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FDX vs OBIO: side by side
| FDX (FedEx) | OBIO (Orchestra BioMed Holdings, Inc.) | |
|---|---|---|
| 1-year return | +80.6% | +79.9% |
| 5-year return | +71.0% | -47.8% |
| Volatility (ann.) | 30.7% | 79.5% |
| Beta vs S&P 500 | 0.89 | 1.75 |
| Max drawdown (3Y) | -35.9% | -78.2% |
| Market cap | $78.4B | $0.3B |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | OBIO |
|---|---|---|
| 2022 | -31.6% | -1.0% |
| 2023 | +49.1% | -8.5% |
| 2024 | +13.5% | -56.2% |
| 2025 | +5.1% | +3.8% |
| 2026 | +43.5% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and OBIO good diversifiers for each other?
Reasonably. At 0.42, FDX and OBIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FDX and OBIO?
As of 2026-08-27, the correlation of weekly returns between FDX and OBIO is 0.42 over 3 years, 0.13 over 1 year and 0.20 over 5 years.
Is OBIO a good diversifier for FDX?
Reasonably. At 0.42, FDX and OBIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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/fdx-vs-obio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fdx-vs-obio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FDX correlations · OBIO correlations
