HCWB vs HSHP: Correlation
Measured on weekly returns over the past three years, HCW Biologics Inc. (HCWB) and Himalaya Shipping Ltd. (HSHP) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and HSHP?
Across a 3-year window, the weekly returns of HCWB and HSHP correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.21). Stretching to 5 years gives n/a, with an annualized covariance of -2204.9 %².
Among the 17 assets we track against HCWB, HSHP sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with HSHP ahead by 223.8 points (-91.2% versus +132.6%). Risk is not evenly split, since HCWB carries 5.5 times the volatility of the other side.
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.
HCWB vs HSHP: side by side
| HCWB (HCW Biologics Inc.) | HSHP (Himalaya Shipping Ltd.) | |
|---|---|---|
| 1-year return | -91.2% | +132.6% |
| 5-year return | -99.7% | n/a |
| Volatility (ann.) | 238.8% | 43.3% |
| Beta vs S&P 500 | 1.21 | 0.81 |
| Max drawdown (3Y) | -99.7% | -51.5% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 14.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCWB | HSHP |
|---|---|---|
| 2022 | -17.5% | – |
| 2023 | -36.0% | – |
| 2024 | -63.6% | -23.5% |
| 2025 | -94.6% | +92.3% |
| 2026 | -45.6% | +94.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and HSHP good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between HCWB and HSHP?
The HCWB/HSHP correlation stands at -0.21 on a 3-year window (1 year: -0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is HSHP a good diversifier for HCWB?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hcwb-vs-hshp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hcwb-vs-hshp/)
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Related comparisons
Hubs: HCWB correlations · HSHP correlations
