INSM vs SMMT: Correlation
How closely do Insmed Incorporated (INSM) and Summit Therapeutics Inc. (SMMT) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INSM and SMMT?
On 3 years of weekly data the INSM/SMMT correlation comes out at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.58). The 5-year figure is 0.25, and annualized covariance runs at 8716.5 %².
In INSM's tracked universe of 11 assets, SMMT sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months INSM outperformed by 32.4 percentage points (-9.8% for INSM against -42.2% for SMMT). Risk is not evenly split, since SMMT carries 1.5 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.
INSM vs SMMT: side by side
| INSM (Insmed Incorporated) | SMMT (Summit Therapeutics Inc.) | |
|---|---|---|
| 1-year return | -9.8% | -42.2% |
| 5-year return | +339.0% | +78.5% |
| Volatility (ann.) | 100.1% | 150.4% |
| Beta vs S&P 500 | 0.74 | 2.43 |
| Max drawdown (3Y) | -56.5% | -66.1% |
| Market cap | $26.5B | $11.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INSM | SMMT |
|---|---|---|
| 2022 | -26.7% | +58.0% |
| 2023 | +55.1% | -38.6% |
| 2024 | +122.8% | +583.7% |
| 2025 | +152.1% | -2.0% |
| 2026 | -30.3% | -18.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INSM and SMMT good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between INSM and SMMT?
As of 2026-08-27, the correlation of weekly returns between INSM and SMMT is 0.58 over 3 years, 0.15 over 1 year and 0.25 over 5 years.
Is SMMT a good diversifier for INSM?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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: INSM correlations · SMMT correlations
