HCWB vs HYLN: Correlation
Measured on weekly returns over the past three years, HCW Biologics Inc. (HCWB) and Hyliion Holdings Corp. (HYLN) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and HYLN?
Across a 3-year window, the weekly returns of HCWB and HYLN correlate at 0.44, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.44). Stretching to 5 years gives 0.39, with an annualized covariance of 11454.2 %².
Within HCWB's tracked universe of 17 assets, HYLN comes in at #7 by 3-year correlation. The last year tells two different stories: HYLN led by 193.0 percentage points, -91.2% for HCWB against +101.8% for HYLN. Note the risk asymmetry: HCWB runs 2.2 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.
HCWB vs HYLN: side by side
| HCWB (HCW Biologics Inc.) | HYLN (Hyliion Holdings Corp.) | |
|---|---|---|
| 1-year return | -91.2% | +101.8% |
| 5-year return | -99.7% | -60.9% |
| Volatility (ann.) | 238.8% | 108.2% |
| Beta vs S&P 500 | 1.21 | 2.37 |
| Max drawdown (3Y) | -99.7% | -70.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCWB | HYLN |
|---|---|---|
| 2022 | -17.5% | -62.3% |
| 2023 | -36.0% | -65.2% |
| 2024 | -63.6% | +220.6% |
| 2025 | -94.6% | -29.5% |
| 2026 | -45.6% | +85.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and HYLN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HCWB and HYLN?
As of 2026-08-27, the correlation of weekly returns between HCWB and HYLN is 0.44 over 3 years, 0.67 over 1 year and 0.39 over 5 years.
Is HYLN a good diversifier for HCWB?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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/hcwb-vs-hyln.json
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Related comparisons
Hubs: HCWB correlations · HYLN correlations
