IONS vs MLYS: Correlation
How closely do Ionis Pharmaceuticals, Inc. (IONS) and Mineralys Therapeutics, Inc. (MLYS) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IONS and MLYS?
Across a 3-year window, the weekly returns of IONS and MLYS correlate at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.73 versus 0.56 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 2393.0 %².
In IONS's tracked universe of 13 assets, MLYS sits right near the top at #1. Correlation aside, the last 12 months split them widely, with MLYS ahead by 25.0 points (+46.0% versus +71.0%). One caveat on sizing: MLYS is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IONS vs MLYS: side by side
| IONS (Ionis Pharmaceuticals, Inc.) | MLYS (Mineralys Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +46.0% | +71.0% |
| 5-year return | +59.5% | n/a |
| Volatility (ann.) | 44.7% | 95.4% |
| Beta vs S&P 500 | 0.72 | 1.54 |
| Max drawdown (3Y) | -52.4% | -54.0% |
| Market cap | $10.4B | $2.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IONS | MLYS |
|---|---|---|
| 2022 | +24.1% | – |
| 2023 | +33.9% | – |
| 2024 | -30.9% | +43.1% |
| 2025 | +126.3% | +194.8% |
| 2026 | -21.1% | -28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IONS and MLYS good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IONS and MLYS?
The IONS/MLYS correlation stands at 0.56 on a 3-year window (1 year: 0.73, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MLYS a good diversifier for IONS?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 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/ions-vs-mlys.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ions-vs-mlys/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IONS correlations · MLYS correlations
