GJO vs PAVM: Correlation
How closely do Synthetic Fixed-Income Securities, Inc. on behalf of (GJO) and PAVmed Inc. (PAVM) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJO and PAVM?
Across a 3-year window, the weekly returns of GJO and PAVM correlate at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -136.6 %².
Within GJO's tracked universe of 16 assets, PAVM comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GJO ahead by 67.5 points (+2.6% versus -64.9%). Note the risk asymmetry: PAVM runs 14.8 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.
GJO vs PAVM: side by side
| GJO (Synthetic Fixed-Income Securities, Inc. on behalf of) | PAVM (PAVmed Inc.) | |
|---|---|---|
| 1-year return | +2.6% | -64.9% |
| 5-year return | +27.3% | -99.8% |
| Volatility (ann.) | 6.9% | 102.0% |
| Beta vs S&P 500 | 0.02 | 1.05 |
| Max drawdown (3Y) | -3.2% | -98.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJO | PAVM |
|---|---|---|
| 2022 | +1.6% | -80.5% |
| 2023 | +10.3% | -42.8% |
| 2024 | +5.2% | -84.8% |
| 2025 | +5.6% | -64.8% |
| 2026 | +1.4% | -23.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJO and PAVM good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between GJO and PAVM?
The GJO/PAVM correlation stands at -0.19 on a 3-year window (1 year: -0.22, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is PAVM a good diversifier for GJO?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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.
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Related comparisons
Hubs: GJO correlations · PAVM correlations
