ONDS vs PDYN: Correlation
Measured on weekly returns over the past three years, Ondas Inc (ONDS) and Palladyne AI Corp. (PDYN) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONDS and PDYN?
Over the past 3 years, ONDS and PDYN moved with a correlation of 0.38, which is moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.38). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 10661.0 %².
PDYN is one of the assets that tracks ONDS most closely: it ranks #3 out of the 10 assets we track against ONDS. The last year tells two different stories: ONDS led by 94.5 percentage points, +72.6% for ONDS against -21.9% for PDYN. Risk is not evenly split, since PDYN carries 1.5 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.
ONDS vs PDYN: side by side
| ONDS (Ondas Inc) | PDYN (Palladyne AI Corp.) | |
|---|---|---|
| 1-year return | +72.6% | -21.9% |
| 5-year return | +23.8% | -88.8% |
| Volatility (ann.) | 135.8% | 204.5% |
| Beta vs S&P 500 | 2.31 | 3.45 |
| Max drawdown (3Y) | -75.8% | -68.8% |
| Market cap | $5.0B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONDS | PDYN |
|---|---|---|
| 2022 | -76.3% | -94.4% |
| 2023 | -3.8% | -78.6% |
| 2024 | +67.3% | +1601.8% |
| 2025 | +281.3% | -65.3% |
| 2026 | -10.3% | +43.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONDS and PDYN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONDS and PDYN?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.55 over the last year and 0.37 over 5 years.
Is PDYN a good diversifier for ONDS?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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/onds-vs-pdyn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/onds-vs-pdyn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONDS correlations · PDYN correlations
