HCWB vs TGT: Correlation
How closely do HCW Biologics Inc. (HCWB) and Target Corporation (TGT) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and TGT?
Over the past 3 years, HCWB and TGT moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.02 versus -0.17 over 3 years. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -1307.7 %².
Within HCWB's tracked universe of 17 assets, TGT comes in at #12 by 3-year correlation. The last year tells two different stories: TGT led by 167.4 percentage points, -91.2% for HCWB against +76.2% for TGT. One caveat on sizing: HCWB is 7.5 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.
HCWB vs TGT: side by side
| HCWB (HCW Biologics Inc.) | TGT (Target Corporation) | |
|---|---|---|
| 1-year return | -91.2% | +76.2% |
| 5-year return | -99.7% | -22.2% |
| Volatility (ann.) | 238.8% | 32.0% |
| Beta vs S&P 500 | 1.21 | 0.62 |
| Max drawdown (3Y) | -99.7% | -49.8% |
| Market cap | – | $75.4B |
| P/E (trailing) | – | 17.2 |
| Dividend yield | 0.00% | 2.78% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | HCWB | TGT |
|---|---|---|
| 2022 | -17.5% | -34.2% |
| 2023 | -36.0% | -1.4% |
| 2024 | -63.6% | -2.3% |
| 2025 | -94.6% | -24.5% |
| 2026 | -45.6% | +74.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and TGT good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HCWB and TGT?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.02 over the last year and -0.12 over 5 years.
Is TGT a good diversifier for HCWB?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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.
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Related comparisons
Hubs: HCWB correlations · TGT correlations
