FDX vs TECX: Correlation
How closely do FedEx (FDX) and Tectonic Therapeutic, Inc. (TECX) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and TECX?
Across a 3-year window, the weekly returns of FDX and TECX correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.36 over 3 years. Stretching to 5 years gives 0.28, with an annualized covariance of 6894.1 %².
Among the 36 assets we track against FDX, TECX ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FDX outperformed by 42.4 percentage points (+80.6% for FDX against +38.2% for TECX). One caveat on sizing: TECX is 20.5 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 TECX: side by side
| FDX (FedEx) | TECX (Tectonic Therapeutic, Inc.) | |
|---|---|---|
| 1-year return | +80.6% | +38.2% |
| 5-year return | +71.0% | -52.9% |
| Volatility (ann.) | 30.7% | 628.0% |
| Beta vs S&P 500 | 0.89 | 0.20 |
| Max drawdown (3Y) | -35.9% | -92.8% |
| Market cap | $78.4B | $0.7B |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | TECX |
|---|---|---|
| 2022 | -31.6% | -81.6% |
| 2023 | +49.1% | +91.5% |
| 2024 | +13.5% | +182.9% |
| 2025 | +5.1% | -54.8% |
| 2026 | +43.5% | +75.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and TECX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FDX and TECX?
As of 2026-08-27, the correlation of weekly returns between FDX and TECX is 0.36 over 3 years, 0.03 over 1 year and 0.28 over 5 years.
Is TECX a good diversifier for FDX?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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: FDX correlations · TECX correlations
