HRTX vs TENX: Correlation
Heron Therapeutics, Inc. (HRTX) and Tenax Therapeutics, Inc. (TENX) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRTX and TENX?
Across a 3-year window, the weekly returns of HRTX and TENX correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.25, with an annualized covariance of 4889.2 %².
Among the 12 assets we track against HRTX, TENX ranks #6 by 3-year correlation. The trailing year gives TENX the advantage: -75.6% versus -63.0%, a 12.6-point spread.
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 TENX: side by side
| HRTX (Heron Therapeutics, Inc.) | TENX (Tenax Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -75.6% | -63.0% |
| 5-year return | -97.1% | -99.9% |
| Volatility (ann.) | 99.0% | 127.0% |
| Beta vs S&P 500 | 1.84 | 0.95 |
| Max drawdown (3Y) | -92.2% | -97.2% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRTX | TENX |
|---|---|---|
| 2022 | -72.6% | -89.3% |
| 2023 | -32.0% | -87.6% |
| 2024 | -10.0% | -71.9% |
| 2025 | -15.0% | +96.9% |
| 2026 | -74.5% | -82.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRTX and TENX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HRTX and TENX?
As of 2026-08-27, the correlation of weekly returns between HRTX and TENX is 0.39 over 3 years, 0.35 over 1 year and 0.25 over 5 years.
Is TENX a good diversifier for HRTX?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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/hrtx-vs-tenx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hrtx-vs-tenx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HRTX correlations · TENX correlations
