MLYS vs XMAX: Correlation
How closely do Mineralys Therapeutics, Inc. (MLYS) and XMAX, Inc. (XMAX) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLYS and XMAX?
Across a 3-year window, the weekly returns of MLYS and XMAX correlate at 0.42, moderate. The link has tightened recently: the 1-year correlation (0.93) runs above the 3-year figure (0.42). Stretching to 5 years gives n/a, with an annualized covariance of 6495.7 %².
Within MLYS's tracked universe of 14 assets, XMAX comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XMAX ahead by 293.1 points (+71.0% versus +364.1%). One caveat on sizing: XMAX is 1.7 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.
MLYS vs XMAX: side by side
| MLYS (Mineralys Therapeutics, Inc.) | XMAX (XMAX, Inc.) | |
|---|---|---|
| 1-year return | +71.0% | +364.1% |
| 5-year return | n/a | -21.0% |
| Volatility (ann.) | 95.4% | 161.3% |
| Beta vs S&P 500 | 1.54 | 0.59 |
| Max drawdown (3Y) | -54.0% | -91.3% |
| Market cap | $2.3B | $0.6B |
| P/E (trailing) | – | 18.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLYS | XMAX |
|---|---|---|
| 2022 | – | -77.0% |
| 2023 | – | +75.3% |
| 2024 | +43.1% | -82.2% |
| 2025 | +194.8% | +795.5% |
| 2026 | -28.3% | +50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLYS and XMAX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MLYS and XMAX?
The MLYS/XMAX correlation stands at 0.42 on a 3-year window (1 year: 0.93, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is XMAX a good diversifier for MLYS?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mlys-vs-xmax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlys-vs-xmax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MLYS correlations · XMAX correlations
