FRNM vs MRNA: Correlation
Freenome, Inc. (FRNM) and Moderna (MRNA) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRNM and MRNA?
On 3 years of weekly data the FRNM/MRNA correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 1226.8 %².
MRNA is one of the assets that tracks FRNM most closely: it ranks #2 out of the 34 assets we track against FRNM. Correlation aside, the last 12 months split them widely, with MRNA ahead by 436.5 points (+32.3% versus +468.8%). Note the risk asymmetry: MRNA runs 4.8 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.
FRNM vs MRNA: side by side
| FRNM (Freenome, Inc.) | MRNA (Moderna) | |
|---|---|---|
| 1-year return | +32.3% | +468.8% |
| 5-year return | n/a | -61.5% |
| Volatility (ann.) | 21.1% | 100.7% |
| Beta vs S&P 500 | 0.03 | 0.98 |
| Max drawdown (3Y) | -29.6% | -86.6% |
| Market cap | $1.5B | $57.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FRNM | MRNA |
|---|---|---|
| 2022 | – | -29.3% |
| 2023 | – | -44.6% |
| 2024 | – | -58.2% |
| 2025 | +28.0% | -29.1% |
| 2026 | +7.0% | +384.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRNM and MRNA good diversifiers for each other?
Only partially. A correlation of 0.52 means FRNM and MRNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FRNM and MRNA?
The FRNM/MRNA correlation stands at 0.52 on a 3-year window (1 year: 0.58, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MRNA a good diversifier for FRNM?
Only partially. A correlation of 0.52 means FRNM and MRNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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/frnm-vs-mrna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/frnm-vs-mrna/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FRNM correlations · MRNA correlations
