HRTX vs RENX: Correlation
How closely do Heron Therapeutics, Inc. (HRTX) and RenX Enterprises Corp. (RENX) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTX and RENX?
Over the past 3 years, HRTX and RENX moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (-0.07) runs below the 3-year figure (0.46). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 14547.4 %².
Few assets follow HRTX as closely as RENX, which ranks #2 of 12 tracked partners. The last year tells two different stories: HRTX led by 15.4 percentage points, -75.6% for HRTX against -91.0% for RENX. Note the risk asymmetry: RENX runs 3.3 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.
HRTX vs RENX: side by side
| HRTX (Heron Therapeutics, Inc.) | RENX (RenX Enterprises Corp.) | |
|---|---|---|
| 1-year return | -75.6% | -91.0% |
| 5-year return | -97.1% | n/a |
| Volatility (ann.) | 99.0% | 322.0% |
| Beta vs S&P 500 | 1.84 | 1.58 |
| Max drawdown (3Y) | -92.2% | -99.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRTX | RENX |
|---|---|---|
| 2022 | -72.6% | – |
| 2023 | -32.0% | – |
| 2024 | -10.0% | -90.5% |
| 2025 | -15.0% | -92.5% |
| 2026 | -74.5% | -46.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTX and RENX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HRTX and RENX?
The HRTX/RENX correlation stands at 0.46 on a 3-year window (1 year: -0.07, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RENX a good diversifier for HRTX?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hrtx-vs-renx.json
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[](https://www.pairbook.io/pair/hrtx-vs-renx/)
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Related comparisons
Hubs: HRTX correlations · RENX correlations
