IXHL vs PEW: Correlation
Incannex Healthcare Inc. (IXHL) and GrabAGun Digital Holdings Inc. (PEW) show a negative relationship: their 3-year correlation of weekly returns is -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IXHL and PEW?
Over the past 3 years, IXHL and PEW moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.36 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -3493.4 %².
PEW is close to the least connected end of IXHL's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months PEW outperformed by 24.5 percentage points (-81.6% for IXHL against -57.1% for PEW). Risk is not evenly split, since IXHL carries 3.5 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.
IXHL vs PEW: side by side
| IXHL (Incannex Healthcare Inc.) | PEW (GrabAGun Digital Holdings Inc.) | |
|---|---|---|
| 1-year return | -81.6% | -57.1% |
| 5-year return | -99.8% | n/a |
| Volatility (ann.) | 180.7% | 51.2% |
| Beta vs S&P 500 | 3.15 | 0.44 |
| Max drawdown (3Y) | -99.0% | -86.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IXHL | PEW |
|---|---|---|
| 2023 | -58.6% | – |
| 2024 | -54.3% | – |
| 2025 | -83.1% | -74.4% |
| 2026 | -65.6% | -21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IXHL and PEW good diversifiers for each other?
Yes. With a correlation of -0.36, IXHL and PEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IXHL and PEW?
The IXHL/PEW correlation stands at -0.36 on a 3-year window (1 year: -0.01, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PEW a good diversifier for IXHL?
Yes. With a correlation of -0.36, IXHL and PEW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/ixhl-vs-pew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ixhl-vs-pew/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IXHL correlations · PEW correlations
