PEN vs RENX: Correlation
Penumbra, Inc. (PEN) and RenX Enterprises Corp. (RENX) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEN and RENX?
Over the past 3 years, PEN and RENX moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (-0.19) runs below the 3-year figure (0.37). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 4204.5 %².
Few assets follow PEN as closely as RENX, which ranks #3 of 12 tracked partners. The last year tells two different stories: PEN led by 111.3 percentage points, +20.3% for PEN against -91.0% for RENX. Note the risk asymmetry: RENX runs 8.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PEN vs RENX: side by side
| PEN (Penumbra, Inc.) | RENX (RenX Enterprises Corp.) | |
|---|---|---|
| 1-year return | +20.3% | -91.0% |
| 5-year return | +18.7% | n/a |
| Volatility (ann.) | 36.0% | 322.0% |
| Beta vs S&P 500 | 0.30 | 1.58 |
| Max drawdown (3Y) | -45.5% | -99.9% |
| Market cap | $12.6B | – |
| P/E (trailing) | 79.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PEN | RENX |
|---|---|---|
| 2022 | -22.6% | – |
| 2023 | +13.1% | – |
| 2024 | -5.6% | -90.5% |
| 2025 | +30.9% | -92.5% |
| 2026 | +3.2% | -46.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEN and RENX good diversifiers for each other?
Reasonably. At 0.37, PEN and RENX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PEN and RENX?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with -0.19 over the last year and n/a over 5 years.
Is RENX a good diversifier for PEN?
Reasonably. At 0.37, PEN and RENX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pen-vs-renx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pen-vs-renx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PEN correlations · RENX correlations
