HWH vs IMA: Correlation
How closely do HWH International Inc. (HWH) and ImageneBio, Inc. (IMA) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWH and IMA?
On 3 years of weekly data the HWH/IMA correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.22 over 3 years. The 5-year figure is -0.13, and annualized covariance runs at -3122.8 %².
Among the 12 assets we track against HWH, IMA sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with HWH ahead by 102.0 points (+41.1% versus -60.9%). Risk is not evenly split, since HWH carries 2.8 times the volatility of the other side.
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.
HWH vs IMA: side by side
| HWH (HWH International Inc.) | IMA (ImageneBio, Inc.) | |
|---|---|---|
| 1-year return | +41.1% | -60.9% |
| 5-year return | -95.9% | -96.6% |
| Volatility (ann.) | 198.9% | 71.9% |
| Beta vs S&P 500 | 0.98 | 0.99 |
| Max drawdown (3Y) | -98.3% | -92.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HWH | IMA |
|---|---|---|
| 2022 | – | -78.8% |
| 2023 | +2.5% | -25.9% |
| 2024 | -93.7% | -16.8% |
| 2025 | -53.8% | -64.9% |
| 2026 | +33.6% | -22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWH and IMA good diversifiers for each other?
Yes. With a correlation of -0.22, HWH and IMA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HWH and IMA?
The HWH/IMA correlation stands at -0.22 on a 3-year window (1 year: -0.56, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is IMA a good diversifier for HWH?
Yes. With a correlation of -0.22, HWH and IMA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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/hwh-vs-ima.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwh-vs-ima/)
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Related comparisons
Hubs: HWH correlations · IMA correlations
