HALO vs PULM: Correlation
Measured on weekly returns over the past three years, Halozyme Therapeutics, Inc. (HALO) and Pulmatrix, Inc. (PULM) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HALO and PULM?
Over the past 3 years, HALO and PULM moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.36). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -2145.0 %².
PULM is close to the least connected end of HALO's tracked universe, ranking #11 of 12. The last year tells two different stories: HALO led by 114.8 percentage points, +46.1% for HALO against -68.7% for PULM. One caveat on sizing: PULM is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HALO vs PULM: side by side
| HALO (Halozyme Therapeutics, Inc.) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | +46.1% | -68.7% |
| 5-year return | +154.8% | -90.6% |
| Volatility (ann.) | 41.5% | 144.8% |
| Beta vs S&P 500 | 0.54 | -0.18 |
| Max drawdown (3Y) | -33.9% | -88.1% |
| Market cap | $12.1B | – |
| P/E (trailing) | 31.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HALO | PULM |
|---|---|---|
| 2022 | +41.5% | -55.7% |
| 2023 | -35.0% | -52.1% |
| 2024 | +29.4% | +275.3% |
| 2025 | +40.8% | -68.1% |
| 2026 | +58.9% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HALO and PULM good diversifiers for each other?
Yes. With a correlation of -0.36, HALO and PULM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HALO and PULM?
The HALO/PULM correlation stands at -0.36 on a 3-year window (1 year: -0.13, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is PULM a good diversifier for HALO?
Yes. With a correlation of -0.36, HALO and PULM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/halo-vs-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/halo-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HALO correlations · PULM correlations
