HQL vs ZURA: Correlation
Measured on weekly returns over the past three years, abrdn Life Sciences Investors Shares of Beneficial Interest (HQL) and Zura Bio Limited - Class A (ZURA) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HQL and ZURA?
On 3 years of weekly data the HQL/ZURA correlation comes out at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 942.1 %².
By 3-year correlation, ZURA places #65 of the 72 assets tracked against HQL. Their recent paths diverged sharply: over the last 12 months ZURA outperformed by 94.9 percentage points (+75.9% for HQL against +170.8% for ZURA). One caveat on sizing: ZURA is 4.3 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 ZURA: side by side
| HQL (abrdn Life Sciences Investors Shares of Beneficial Interest) | ZURA (Zura Bio Limited - Class A) | |
|---|---|---|
| 1-year return | +75.9% | +170.8% |
| 5-year return | +74.1% | n/a |
| Volatility (ann.) | 23.5% | 100.1% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -25.1% | -85.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 8.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HQL | ZURA |
|---|---|---|
| 2022 | -19.2% | – |
| 2023 | +4.2% | – |
| 2024 | +11.0% | -46.5% |
| 2025 | +45.5% | +109.6% |
| 2026 | +40.9% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HQL and ZURA good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HQL and ZURA?
The HQL/ZURA correlation stands at 0.40 on a 3-year window (1 year: 0.39, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is ZURA a good diversifier for HQL?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 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-zura.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hql-vs-zura/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HQL correlations · ZURA correlations
