KALA vs MLTX: Correlation
KALA BIO, Inc. (KALA) and MoonLake Immunotherapeutics - Class A (MLTX) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALA and MLTX?
Across a 3-year window, the weekly returns of KALA and MLTX correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 4068.7 %².
Few assets follow KALA as closely as MLTX, which ranks #1 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months MLTX outperformed by 27.8 percentage points (-99.8% for KALA against -72.0% for MLTX).
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.
KALA vs MLTX: side by side
| KALA (KALA BIO, Inc.) | MLTX (MoonLake Immunotherapeutics - Class A) | |
|---|---|---|
| 1-year return | -99.8% | -72.0% |
| 5-year return | -100.0% | +57.2% |
| Volatility (ann.) | 119.6% | 80.7% |
| Beta vs S&P 500 | 1.73 | 0.83 |
| Max drawdown (3Y) | -99.9% | -90.2% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KALA | MLTX |
|---|---|---|
| 2022 | -36.9% | +6.2% |
| 2023 | -81.7% | +475.1% |
| 2024 | -0.9% | -10.3% |
| 2025 | -92.0% | -75.7% |
| 2026 | -97.1% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALA and MLTX good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between KALA and MLTX?
The KALA/MLTX correlation stands at 0.42 on a 3-year window (1 year: 0.42, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is MLTX a good diversifier for KALA?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/kala-vs-mltx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kala-vs-mltx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KALA correlations · MLTX correlations
