HOWL vs MRNA: Correlation
Measured on weekly returns over the past three years, Werewolf Therapeutics, Inc. (HOWL) and Moderna (MRNA) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOWL and MRNA?
Across a 3-year window, the weekly returns of HOWL and MRNA correlate at 0.50, moderate. The past 12 months show a tighter link (0.65) than the 3-year average (0.50). Stretching to 5 years gives 0.42, with an annualized covariance of 6212.6 %².
In HOWL's tracked universe of 10 assets, MRNA sits right near the top at #2. Correlation aside, the last 12 months split them widely, with MRNA ahead by 495.8 points (-27.0% versus +468.8%).
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.
HOWL vs MRNA: side by side
| HOWL (Werewolf Therapeutics, Inc.) | MRNA (Moderna) | |
|---|---|---|
| 1-year return | -27.0% | +468.8% |
| 5-year return | -94.4% | -61.5% |
| Volatility (ann.) | 124.1% | 100.7% |
| Beta vs S&P 500 | 1.39 | 0.98 |
| Max drawdown (3Y) | -96.1% | -86.6% |
| Market cap | – | $57.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | HOWL | MRNA |
|---|---|---|
| 2022 | -82.8% | -29.3% |
| 2023 | +88.3% | -44.6% |
| 2024 | -61.7% | -58.2% |
| 2025 | -57.2% | -29.1% |
| 2026 | +53.1% | +384.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOWL and MRNA good diversifiers for each other?
Only partially. A correlation of 0.50 means HOWL and MRNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HOWL and MRNA?
The HOWL/MRNA correlation stands at 0.50 on a 3-year window (1 year: 0.65, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is MRNA a good diversifier for HOWL?
Only partially. A correlation of 0.50 means HOWL and MRNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/howl-vs-mrna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/howl-vs-mrna/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HOWL correlations · MRNA correlations
