FENC vs OABI: Correlation
How closely do Fennec Pharmaceuticals Inc. (FENC) and OmniAb, Inc. (OABI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and OABI?
On 3 years of weekly data the FENC/OABI correlation comes out at 0.42, moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.42). The 5-year figure is 0.24, and annualized covariance runs at 1646.5 %².
OABI is one of the assets that tracks FENC most closely: it ranks #2 out of the 14 assets we track against FENC. The last year tells two different stories: OABI led by 156.1 percentage points, +30.2% for FENC against +186.3% for OABI.
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 OABI: side by side
| FENC (Fennec Pharmaceuticals Inc.) | OABI (OmniAb, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | +186.3% |
| 5-year return | +49.7% | -52.8% |
| Volatility (ann.) | 58.3% | 67.6% |
| Beta vs S&P 500 | 1.41 | 1.30 |
| Max drawdown (3Y) | -65.6% | -81.3% |
| Market cap | $0.4B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FENC | OABI |
|---|---|---|
| 2022 | +118.2% | -64.0% |
| 2023 | +16.9% | +71.4% |
| 2024 | -43.7% | -42.6% |
| 2025 | +21.8% | -47.7% |
| 2026 | +52.9% | +149.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and OABI good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FENC and OABI?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.55 over the last year and 0.24 over 5 years.
Is OABI a good diversifier for FENC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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/fenc-vs-oabi.json
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[](https://www.pairbook.io/pair/fenc-vs-oabi/)
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Related comparisons
Hubs: FENC correlations · OABI correlations
