HCWB vs TOPS: Correlation
Measured on weekly returns over the past three years, HCW Biologics Inc. (HCWB) and TOP Ships, Inc. (TOPS) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HCWB and TOPS?
Across a 3-year window, the weekly returns of HCWB and TOPS correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.58) runs below the 3-year figure (-0.29). Stretching to 5 years gives -0.15, with an annualized covariance of -5390.5 %².
Out of 17 assets tracked against HCWB, TOPS lands near the bottom at #17. Over the last 12 months TOPS came out ahead by 5.3 percentage points (-91.2% against -85.9%). Note the risk asymmetry: HCWB runs 3.0 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 TOPS: side by side
| HCWB (HCW Biologics Inc.) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | -91.2% | -85.9% |
| 5-year return | -99.7% | -99.7% |
| Volatility (ann.) | 238.8% | 78.4% |
| Beta vs S&P 500 | 1.21 | 1.09 |
| Max drawdown (3Y) | -99.7% | -96.5% |
| Market cap | – | – |
| P/E (trailing) | – | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HCWB | TOPS |
|---|---|---|
| 2022 | -17.5% | -92.4% |
| 2023 | -36.0% | +2.5% |
| 2024 | -63.6% | -61.4% |
| 2025 | -94.6% | -25.2% |
| 2026 | -45.6% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HCWB and TOPS good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HCWB and TOPS?
As of 2026-08-27, the correlation of weekly returns between HCWB and TOPS is -0.29 over 3 years, -0.58 over 1 year and -0.15 over 5 years.
Is TOPS a good diversifier for HCWB?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hcwb-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hcwb-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HCWB correlations · TOPS correlations
