PULM vs SLI: Correlation
How closely do Pulmatrix, Inc. (PULM) and Standard Lithium Ltd. (SLI) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PULM and SLI?
On 3 years of weekly data the PULM/SLI correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.19 over 3. The 5-year figure is -0.10, and annualized covariance runs at -2153.7 %².
Within PULM's tracked universe of 37 assets, SLI comes in at #17 by 3-year correlation. The last year tells two different stories: SLI led by 57.9 percentage points, -68.7% for PULM against -10.8% for SLI. One caveat on sizing: PULM is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PULM vs SLI: side by side
| PULM (Pulmatrix, Inc.) | SLI (Standard Lithium Ltd.) | |
|---|---|---|
| 1-year return | -68.7% | -10.8% |
| 5-year return | -90.6% | -51.8% |
| Volatility (ann.) | 144.8% | 77.0% |
| Beta vs S&P 500 | -0.18 | 1.21 |
| Max drawdown (3Y) | -88.1% | -69.9% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PULM | SLI |
|---|---|---|
| 2022 | -55.7% | -69.9% |
| 2023 | -52.1% | -31.5% |
| 2024 | +275.3% | -27.7% |
| 2025 | -68.1% | +206.2% |
| 2026 | -31.8% | -40.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PULM and SLI good diversifiers for each other?
Yes. With a correlation of -0.19, PULM and SLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PULM and SLI?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.18 over the last year and -0.10 over 5 years.
Is SLI a good diversifier for PULM?
Yes. With a correlation of -0.19, PULM and SLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/pulm-vs-sli.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pulm-vs-sli/)
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Related comparisons
Hubs: PULM correlations · SLI correlations
