PGNY vs REFR: Correlation
Measured on weekly returns over the past three years, Progyny, Inc. (PGNY) and Research Frontiers Incorporated (REFR) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGNY and REFR?
Over the past 3 years, PGNY and REFR moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -807.5 %².
Out of 12 assets tracked against PGNY, REFR lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with PGNY ahead by 77.7 points (+12.3% versus -65.4%).
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.
PGNY vs REFR: side by side
| PGNY (Progyny, Inc.) | REFR (Research Frontiers Incorporated) | |
|---|---|---|
| 1-year return | +12.3% | -65.4% |
| 5-year return | -53.1% | -78.3% |
| Volatility (ann.) | 48.9% | 68.5% |
| Beta vs S&P 500 | 0.64 | 0.52 |
| Max drawdown (3Y) | -67.2% | -83.5% |
| Market cap | $2.0B | – |
| P/E (trailing) | 28.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGNY | REFR |
|---|---|---|
| 2022 | -38.1% | +11.0% |
| 2023 | +19.4% | -47.1% |
| 2024 | -53.6% | +69.3% |
| 2025 | +48.9% | -23.4% |
| 2026 | +0.7% | -63.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGNY and REFR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PGNY and REFR?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.18 over the last year and -0.06 over 5 years.
Is REFR a good diversifier for PGNY?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/pgny-vs-refr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pgny-vs-refr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PGNY correlations · REFR correlations
