GRSD vs HCWB: Correlation
Grandstand Limited (GRSD) and HCW Biologics Inc. (HCWB) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRSD and HCWB?
Across a 3-year window, the weekly returns of GRSD and HCWB correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.26). Stretching to 5 years gives -0.16, with an annualized covariance of -3258.1 %².
Among the 14 assets we track against GRSD, HCWB ranks #9 by 3-year correlation. The trailing year gives GRSD the advantage: -78.4% versus -91.2%, a 12.8-point spread. Note the risk asymmetry: HCWB runs 4.5 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.
GRSD vs HCWB: side by side
| GRSD (Grandstand Limited) | HCWB (HCW Biologics Inc.) | |
|---|---|---|
| 1-year return | -78.4% | -91.2% |
| 5-year return | -85.5% | -99.7% |
| Volatility (ann.) | 53.1% | 238.8% |
| Beta vs S&P 500 | 0.92 | 1.21 |
| Max drawdown (3Y) | -90.1% | -99.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRSD | HCWB |
|---|---|---|
| 2022 | -9.9% | -17.5% |
| 2023 | +6.6% | -36.0% |
| 2024 | +44.4% | -63.6% |
| 2025 | -61.2% | -94.6% |
| 2026 | -66.1% | -45.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRSD and HCWB good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GRSD and HCWB?
The GRSD/HCWB correlation stands at -0.26 on a 3-year window (1 year: -0.51, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is HCWB a good diversifier for GRSD?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/grsd-vs-hcwb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grsd-vs-hcwb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GRSD correlations · HCWB correlations
