GDTC vs HCWB: Correlation
Measured on weekly returns over the past three years, CytoMed Therapeutics Limited (GDTC) and HCW Biologics Inc. (HCWB) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDTC and HCWB?
Over the past 3 years, GDTC and HCWB moved with a correlation of 0.32, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.32 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 5701.7 %².
Within GDTC's tracked universe of 16 assets, HCWB comes in at #4 by 3-year correlation. The last year tells two different stories: GDTC led by 38.5 percentage points, -52.7% for GDTC against -91.2% for HCWB. Note the risk asymmetry: HCWB runs 3.2 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.
GDTC vs HCWB: side by side
| GDTC (CytoMed Therapeutics Limited) | HCWB (HCW Biologics Inc.) | |
|---|---|---|
| 1-year return | -52.7% | -91.2% |
| 5-year return | n/a | -99.7% |
| Volatility (ann.) | 75.2% | 238.8% |
| Beta vs S&P 500 | 0.08 | 1.21 |
| Max drawdown (3Y) | -86.1% | -99.7% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDTC | HCWB |
|---|---|---|
| 2022 | – | -17.5% |
| 2023 | – | -36.0% |
| 2024 | -30.6% | -63.6% |
| 2025 | -60.7% | -94.6% |
| 2026 | -28.8% | -45.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDTC and HCWB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GDTC and HCWB?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.48 over the last year and n/a over 5 years.
Is HCWB a good diversifier for GDTC?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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/gdtc-vs-hcwb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdtc-vs-hcwb/)
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Related comparisons
Hubs: GDTC correlations · HCWB correlations
