IVVD vs TNXP: Correlation
Invivyd, Inc. (IVVD) and Tonix Pharmaceuticals Holding Corp. (TNXP) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IVVD and TNXP?
Over the past 3 years, IVVD and TNXP moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.01) than the 3-year average (-0.24). Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -12347.4 %².
Out of 24 assets tracked against IVVD, TNXP lands near the bottom at #20. The last year tells two different stories: IVVD led by 61.2 percentage points, +3.3% for IVVD against -57.9% for TNXP. Risk is not evenly split, since IVVD carries 1.9 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.
IVVD vs TNXP: side by side
| IVVD (Invivyd, Inc.) | TNXP (Tonix Pharmaceuticals Holding Corp.) | |
|---|---|---|
| 1-year return | +3.3% | -57.9% |
| 5-year return | -97.2% | -100.0% |
| Volatility (ann.) | 305.9% | 164.8% |
| Beta vs S&P 500 | 1.87 | 1.57 |
| Max drawdown (3Y) | -92.9% | -99.8% |
| Market cap | $0.3B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IVVD | TNXP |
|---|---|---|
| 2022 | -79.3% | -96.6% |
| 2023 | +162.7% | -83.6% |
| 2024 | -88.8% | -97.4% |
| 2025 | +457.6% | -52.7% |
| 2026 | -63.6% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IVVD and TNXP good diversifiers for each other?
Yes. With a correlation of -0.24, IVVD and TNXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IVVD and TNXP?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.01 over the last year and -0.18 over 5 years.
Is TNXP a good diversifier for IVVD?
Yes. With a correlation of -0.24, IVVD and TNXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/ivvd-vs-tnxp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ivvd-vs-tnxp/)
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Related comparisons
Hubs: IVVD correlations · TNXP correlations
