HQL vs ROIV: Correlation
abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and Roivant Sciences Ltd. (ROIV) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and ROIV?
Across a 3-year window, the weekly returns of HQL and ROIV correlate at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.45). Stretching to 5 years gives 0.34, with an annualized covariance of 384.2 %².
By 3-year correlation, ROIV places #49 of the 72 assets tracked against HQL. Their recent paths diverged sharply: over the last 12 months ROIV outperformed by 137.5 percentage points (+75.9% for HQL against +213.4% for ROIV). Note the risk asymmetry: ROIV runs 1.5 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.
HQL vs ROIV: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | ROIV (Roivant Sciences Ltd.) | |
|---|---|---|
| 1-year return | +75.9% | +213.4% |
| 5-year return | +74.1% | +278.1% |
| Volatility (ann.) | 23.5% | 36.0% |
| Beta vs S&P 500 | 0.88 | 0.91 |
| Max drawdown (3Y) | -25.1% | -36.5% |
| Market cap | – | $27.1B |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQL | ROIV |
|---|---|---|
| 2022 | -19.2% | -20.7% |
| 2023 | +4.2% | +40.6% |
| 2024 | +11.0% | +5.3% |
| 2025 | +45.5% | +83.4% |
| 2026 | +40.9% | +73.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and ROIV good diversifiers for each other?
Reasonably. At 0.45, HQL and ROIV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HQL and ROIV?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.29 over the last year and 0.34 over 5 years.
Is ROIV a good diversifier for HQL?
Reasonably. At 0.45, HQL and ROIV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hql-vs-roiv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hql-vs-roiv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HQL correlations · ROIV correlations
