PETS vs WVE: Correlation
PetMed Express, Inc. (PETS) and Wave Life Sciences, Inc. (WVE) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PETS and WVE?
On 3 years of weekly data the PETS/WVE correlation comes out at 0.55, moderate. The past 12 months show a tighter link (0.76) than the 3-year average (0.55). The 5-year figure is 0.46, and annualized covariance runs at 4578.2 %².
In PETS's tracked universe of 10 assets, WVE sits right near the top at #3. The trailing year gives PETS the advantage: -41.5% versus -48.8%, a 7.3-point spread. Risk is not evenly split, since WVE carries 1.6 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.
PETS vs WVE: side by side
| PETS (PetMed Express, Inc.) | WVE (Wave Life Sciences, Inc.) | |
|---|---|---|
| 1-year return | -41.5% | -48.8% |
| 5-year return | -92.7% | -15.0% |
| Volatility (ann.) | 72.9% | 113.5% |
| Beta vs S&P 500 | 1.10 | 1.84 |
| Max drawdown (3Y) | -86.3% | -76.3% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PETS | WVE |
|---|---|---|
| 2022 | -25.8% | +122.9% |
| 2023 | -54.8% | -27.9% |
| 2024 | -36.2% | +145.0% |
| 2025 | -33.6% | +37.4% |
| 2026 | -42.2% | -69.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PETS and WVE good diversifiers for each other?
Only partially. A correlation of 0.55 means PETS and WVE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between PETS and WVE?
The PETS/WVE correlation stands at 0.55 on a 3-year window (1 year: 0.76, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is WVE a good diversifier for PETS?
Only partially. A correlation of 0.55 means PETS and WVE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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/pets-vs-wve.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pets-vs-wve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PETS correlations · WVE correlations
