HRMY vs INMD: Correlation
Measured on weekly returns over the past three years, Harmony Biosciences Holdings, Inc. (HRMY) and InMode Ltd. (INMD) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRMY and INMD?
Across a 3-year window, the weekly returns of HRMY and INMD correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (-0.01) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.41, with an annualized covariance of 944.4 %².
Among the 11 assets we track against HRMY, INMD ranks #5 by 3-year correlation. Over the last 12 months HRMY came out ahead by 7.1 percentage points (+4.8% against -2.3%).
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.
HRMY vs INMD: side by side
| HRMY (Harmony Biosciences Holdings, Inc.) | INMD (InMode Ltd.) | |
|---|---|---|
| 1-year return | +4.8% | -2.3% |
| 5-year return | +7.6% | -77.7% |
| Volatility (ann.) | 49.1% | 38.9% |
| Beta vs S&P 500 | 1.31 | 1.09 |
| Max drawdown (3Y) | -50.8% | -68.2% |
| Market cap | $2.3B | $0.9B |
| P/E (trailing) | 12.8 | 12.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRMY | INMD |
|---|---|---|
| 2022 | +29.2% | -49.4% |
| 2023 | -41.4% | -37.7% |
| 2024 | +6.5% | -24.9% |
| 2025 | +8.7% | -12.0% |
| 2026 | +6.5% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRMY and INMD good diversifiers for each other?
Reasonably. At 0.49, HRMY and INMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HRMY and INMD?
The HRMY/INMD correlation stands at 0.49 on a 3-year window (1 year: -0.01, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is INMD a good diversifier for HRMY?
Reasonably. At 0.49, HRMY and INMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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.
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Related comparisons
Hubs: HRMY correlations · INMD correlations
