PHAT vs PULM: Correlation
Measured on weekly returns over the past three years, Phathom Pharmaceuticals, Inc. (PHAT) and Pulmatrix, Inc. (PULM) 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 PHAT and PULM?
On 3 years of weekly data the PHAT/PULM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.24). The 5-year figure is -0.18, and annualized covariance runs at -3548.4 %².
Among the 12 assets we track against PHAT, PULM sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with PHAT ahead by 40.6 points (-28.1% versus -68.7%).
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.
PHAT vs PULM: side by side
| PHAT (Phathom Pharmaceuticals, Inc.) | PULM (Pulmatrix, Inc.) | |
|---|---|---|
| 1-year return | -28.1% | -68.7% |
| 5-year return | -74.1% | -90.6% |
| Volatility (ann.) | 103.2% | 144.8% |
| Beta vs S&P 500 | 1.89 | -0.18 |
| Max drawdown (3Y) | -88.3% | -88.1% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHAT | PULM |
|---|---|---|
| 2022 | -43.0% | -55.7% |
| 2023 | -18.6% | -52.1% |
| 2024 | -11.1% | +275.3% |
| 2025 | +104.3% | -68.1% |
| 2026 | -46.1% | -31.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAT and PULM 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 PHAT and PULM?
As of 2026-08-27, the correlation of weekly returns between PHAT and PULM is -0.24 over 3 years, -0.13 over 1 year and -0.18 over 5 years.
Is PULM a good diversifier for PHAT?
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?
A reading of -0.24 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/phat-vs-pulm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/phat-vs-pulm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PHAT correlations · PULM correlations
