HQL vs RLAY: Correlation
Measured on weekly returns over the past three years, abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and Relay Therapeutics, Inc. (RLAY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and RLAY?
Across a 3-year window, the weekly returns of HQL and RLAY correlate at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.59). Stretching to 5 years gives 0.55, with an annualized covariance of 984.1 %².
Among the 72 assets we track against HQL, RLAY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RLAY ahead by 368.1 points (+75.9% versus +444.0%). One caveat on sizing: RLAY is 3.0 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.
HQL vs RLAY: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | RLAY (Relay Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +75.9% | +444.0% |
| 5-year return | +74.1% | -35.3% |
| Volatility (ann.) | 23.5% | 71.3% |
| Beta vs S&P 500 | 0.88 | 2.17 |
| Max drawdown (3Y) | -25.1% | -83.4% |
| Market cap | – | $4.3B |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQL | RLAY |
|---|---|---|
| 2022 | -19.2% | -51.4% |
| 2023 | +4.2% | -26.3% |
| 2024 | +11.0% | -62.6% |
| 2025 | +45.5% | +105.3% |
| 2026 | +40.9% | +129.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and RLAY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HQL and RLAY?
As of 2026-08-27, the correlation of weekly returns between HQL and RLAY is 0.59 over 3 years, 0.48 over 1 year and 0.55 over 5 years.
Is RLAY a good diversifier for HQL?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HQL correlations · RLAY correlations
