FENC vs GHY: Correlation
How closely do Fennec Pharmaceuticals Inc. (FENC) and PGIM Global High Yield Fund, Inc. (GHY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and GHY?
On 3 years of weekly data the FENC/GHY correlation comes out at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.27, and annualized covariance runs at 332.1 %².
Few assets follow FENC as closely as GHY, which ranks #3 of 14 tracked partners. The last year tells two different stories: FENC led by 34.1 percentage points, +30.2% for FENC against -3.9% for GHY. Risk is not evenly split, since FENC carries 4.2 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.
FENC vs GHY: side by side
| FENC (Fennec Pharmaceuticals Inc.) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | -3.9% |
| 5-year return | +49.7% | +23.8% |
| Volatility (ann.) | 58.3% | 14.0% |
| Beta vs S&P 500 | 1.41 | 0.49 |
| Max drawdown (3Y) | -65.6% | -16.4% |
| Market cap | $0.4B | $0.5B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FENC | GHY |
|---|---|---|
| 2022 | +118.2% | -20.0% |
| 2023 | +16.9% | +17.3% |
| 2024 | -43.7% | +20.3% |
| 2025 | +21.8% | +10.5% |
| 2026 | +52.9% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and GHY good diversifiers for each other?
Reasonably. At 0.41, FENC and GHY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FENC and GHY?
As of 2026-08-27, the correlation of weekly returns between FENC and GHY is 0.41 over 3 years, 0.39 over 1 year and 0.27 over 5 years.
Is GHY a good diversifier for FENC?
Reasonably. At 0.41, FENC and GHY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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
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[](https://www.pairbook.io/pair/fenc-vs-ghy/)
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Related comparisons
Hubs: FENC correlations · GHY correlations
