FLYE vs INVA: Correlation
Fly-E Group, Inc. (FLYE) and Innoviva, Inc. (INVA) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYE and INVA?
Over the past 3 years, FLYE and INVA moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1264.7 %².
Among the 44 assets we track against FLYE, INVA sits near the bottom by co-movement, at rank #42. Their recent paths diverged sharply: over the last 12 months INVA outperformed by 94.6 percentage points (-89.0% for FLYE against +5.6% for INVA). Risk is not evenly split, since FLYE carries 6.0 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.
FLYE vs INVA: side by side
| FLYE (Fly-E Group, Inc.) | INVA (Innoviva, Inc.) | |
|---|---|---|
| 1-year return | -89.0% | +5.6% |
| 5-year return | n/a | +36.6% |
| Volatility (ann.) | 153.0% | 25.4% |
| Beta vs S&P 500 | 1.73 | 0.21 |
| Max drawdown (3Y) | -99.8% | -23.5% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 4.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYE | INVA |
|---|---|---|
| 2022 | – | -23.2% |
| 2023 | – | +21.1% |
| 2024 | – | +8.2% |
| 2025 | -92.1% | +15.2% |
| 2026 | -74.4% | +4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYE and INVA good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLYE and INVA?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.35 over the last year and n/a over 5 years.
Is INVA a good diversifier for FLYE?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flye-vs-inva.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flye-vs-inva/)
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Related comparisons
Hubs: FLYE correlations · INVA correlations
