PRAX vs RANI: Correlation
How closely do Praxis Precision Medicines, Inc. (PRAX) and Rani Therapeutics Holdings, Inc. (RANI) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PRAX and RANI?
On 3 years of weekly data the PRAX/RANI correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The past 12 months show a tighter link (0.94) than the 3-year average (0.80). The 5-year figure is 0.68, and annualized covariance runs at 23865.7 %².
RANI is one of the assets that tracks PRAX most closely: it ranks #1 out of the 15 assets we track against PRAX. Correlation aside, the last 12 months split them widely, with PRAX ahead by 632.3 points (+684.0% versus +51.7%).
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.
PRAX vs RANI: side by side
| PRAX (Praxis Precision Medicines, Inc.) | RANI (Rani Therapeutics Holdings, Inc.) | |
|---|---|---|
| 1-year return | +684.0% | +51.7% |
| 5-year return | +28.6% | -95.2% |
| Volatility (ann.) | 170.9% | 174.6% |
| Beta vs S&P 500 | 2.13 | 1.62 |
| Max drawdown (3Y) | -68.6% | -94.8% |
| Market cap | $10.3B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PRAX | RANI |
|---|---|---|
| 2022 | -87.9% | -63.9% |
| 2023 | -37.6% | -43.7% |
| 2024 | +245.4% | -58.7% |
| 2025 | +283.0% | -1.5% |
| 2026 | +24.8% | -36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PRAX and RANI good diversifiers for each other?
No: a correlation of 0.80 means PRAX and RANI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between PRAX and RANI?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.94 over the last year and 0.68 over 5 years.
Is RANI a good diversifier for PRAX?
No: a correlation of 0.80 means PRAX and RANI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: PRAX correlations · RANI correlations
