FENC vs HCWB: Correlation
Fennec Pharmaceuticals Inc. (FENC) and HCW Biologics Inc. (HCWB) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and HCWB?
On 3 years of weekly data the FENC/HCWB correlation comes out at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 6085.7 %².
In FENC's tracked universe of 14 assets, HCWB sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months FENC outperformed by 121.4 percentage points (+30.2% for FENC against -91.2% for HCWB). Note the risk asymmetry: HCWB runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 HCWB: side by side
| FENC (Fennec Pharmaceuticals Inc.) | HCWB (HCW Biologics Inc.) | |
|---|---|---|
| 1-year return | +30.2% | -91.2% |
| 5-year return | +49.7% | -99.7% |
| Volatility (ann.) | 58.3% | 238.8% |
| Beta vs S&P 500 | 1.41 | 1.21 |
| Max drawdown (3Y) | -65.6% | -99.7% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FENC | HCWB |
|---|---|---|
| 2022 | +118.2% | -17.5% |
| 2023 | +16.9% | -36.0% |
| 2024 | -43.7% | -63.6% |
| 2025 | +21.8% | -94.6% |
| 2026 | +52.9% | -45.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and HCWB good diversifiers for each other?
Reasonably. At 0.44, FENC and HCWB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FENC and HCWB?
The FENC/HCWB correlation stands at 0.44 on a 3-year window (1 year: 0.51, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is HCWB a good diversifier for FENC?
Reasonably. At 0.44, FENC and HCWB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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
$ curl https://www.pairbook.io/api/v1/pairs/fenc-vs-hcwb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fenc-vs-hcwb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FENC correlations · HCWB correlations
