PTGX vs RLAY: Correlation
Measured on weekly returns over the past three years, Protagonist Therapeutics, Inc. (PTGX) and Relay Therapeutics, Inc. (RLAY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTGX and RLAY?
On 3 years of weekly data the PTGX/RLAY correlation comes out at 0.43, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.43 over 3. The 5-year figure is 0.28, and annualized covariance runs at 1620.4 %².
RLAY is one of the assets that tracks PTGX most closely: it ranks #3 out of the 11 assets we track against PTGX. Their recent paths diverged sharply: over the last 12 months RLAY outperformed by 300.6 percentage points (+143.4% for PTGX against +444.0% for RLAY).
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.
PTGX vs RLAY: side by side
| PTGX (Protagonist Therapeutics, Inc.) | RLAY (Relay Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +143.4% | +444.0% |
| 5-year return | +219.7% | -35.3% |
| Volatility (ann.) | 53.0% | 71.3% |
| Beta vs S&P 500 | 0.49 | 2.17 |
| Max drawdown (3Y) | -31.6% | -83.4% |
| Market cap | $9.7B | $4.3B |
| P/E (trailing) | 145.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PTGX | RLAY |
|---|---|---|
| 2022 | -68.1% | -51.4% |
| 2023 | +110.2% | -26.3% |
| 2024 | +68.3% | -62.6% |
| 2025 | +126.3% | +105.3% |
| 2026 | +71.2% | +129.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTGX and RLAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PTGX and RLAY?
As of 2026-08-27, the correlation of weekly returns between PTGX and RLAY is 0.43 over 3 years, 0.41 over 1 year and 0.28 over 5 years.
Is RLAY a good diversifier for PTGX?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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.
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Related comparisons
Hubs: PTGX correlations · RLAY correlations
