QNCX vs RWT: Correlation
Measured on weekly returns over the past three years, Quince Therapeutics, Inc. (QNCX) and Redwood Trust, Inc. (RWT) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNCX and RWT?
Over the past 3 years, QNCX and RWT moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.31 over 3 years. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 1100.3 %².
Among the 17 assets we track against QNCX, RWT ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RWT outperformed by 77.8 percentage points (-89.6% for QNCX against -11.8% for RWT). Note the risk asymmetry: QNCX runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
QNCX vs RWT: side by side
| QNCX (Quince Therapeutics, Inc.) | RWT (Redwood Trust, Inc.) | |
|---|---|---|
| 1-year return | -89.6% | -11.8% |
| 5-year return | -99.8% | -35.7% |
| Volatility (ann.) | 111.4% | 31.6% |
| Beta vs S&P 500 | 0.55 | 0.87 |
| Max drawdown (3Y) | -98.2% | -33.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 15.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QNCX | RWT |
|---|---|---|
| 2022 | -95.0% | -42.3% |
| 2023 | +64.8% | +21.6% |
| 2024 | +78.1% | -2.6% |
| 2025 | +79.1% | -4.1% |
| 2026 | -95.1% | -10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNCX and RWT good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QNCX and RWT?
The QNCX/RWT correlation stands at 0.31 on a 3-year window (1 year: 0.48, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is RWT a good diversifier for QNCX?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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/qncx-vs-rwt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/qncx-vs-rwt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QNCX correlations · RWT correlations
