IMA vs XMAX: Correlation
ImageneBio, Inc. (IMA) and XMAX, Inc. (XMAX) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMA and XMAX?
Across a 3-year window, the weekly returns of IMA and XMAX correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.59) runs below the 3-year figure (-0.23). Stretching to 5 years gives -0.10, with an annualized covariance of -2628.7 %².
Among the 12 assets we track against IMA, XMAX sits near the bottom by co-movement, at rank #10. The last year tells two different stories: XMAX led by 425.0 percentage points, -60.9% for IMA against +364.1% for XMAX. Risk is not evenly split, since XMAX carries 2.2 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.
IMA vs XMAX: side by side
| IMA (ImageneBio, Inc.) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | -60.9% | +364.1% |
| 5-year return | -96.6% | -21.0% |
| Volatility (ann.) | 71.9% | 161.3% |
| Beta vs S&P 500 | 0.99 | 0.59 |
| Max drawdown (3Y) | -92.1% | -91.3% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | – | 18.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IMA | XMAX |
|---|---|---|
| 2022 | -78.8% | -77.0% |
| 2023 | -25.9% | +75.3% |
| 2024 | -16.8% | -82.2% |
| 2025 | -64.9% | +795.5% |
| 2026 | -22.8% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMA and XMAX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IMA and XMAX?
The IMA/XMAX correlation stands at -0.23 on a 3-year window (1 year: -0.59, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is XMAX a good diversifier for IMA?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ima-vs-xmax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ima-vs-xmax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IMA correlations · XMAX correlations
