HQL vs RARE: Correlation
How closely do abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and Ultragenyx Pharmaceutical Inc. (RARE) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and RARE?
Across a 3-year window, the weekly returns of HQL and RARE correlate at 0.58, moderate. Recent behaviour matches the longer record: 0.65 over 1 year against 0.58 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 697.8 %².
By 3-year correlation, RARE places #11 of the 72 assets tracked against HQL. Correlation aside, the last 12 months split them widely, with HQL ahead by 88.6 points (+75.9% versus -12.7%). Risk is not evenly split, since RARE carries 2.2 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.
HQL vs RARE: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | RARE (Ultragenyx Pharmaceutical Inc.) | |
|---|---|---|
| 1-year return | +75.9% | -12.7% |
| 5-year return | +74.1% | -72.6% |
| Volatility (ann.) | 23.5% | 51.1% |
| Beta vs S&P 500 | 0.88 | 1.38 |
| Max drawdown (3Y) | -25.1% | -68.8% |
| Market cap | – | $2.6B |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQL | RARE |
|---|---|---|
| 2022 | -19.2% | -44.9% |
| 2023 | +4.2% | +3.2% |
| 2024 | +11.0% | -12.0% |
| 2025 | +45.5% | -45.3% |
| 2026 | +40.9% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and RARE good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HQL and RARE?
The HQL/RARE correlation stands at 0.58 on a 3-year window (1 year: 0.65, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is RARE a good diversifier for HQL?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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/hql-vs-rare.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hql-vs-rare/)
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Related comparisons
Hubs: HQL correlations · RARE correlations
