QNTM vs XGN: Correlation
How closely do Quantum Biopharma Ltd. - Class B Subordinate Voting Shares (QNTM) and Exagen Inc. (XGN) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNTM and XGN?
On 3 years of weekly data the QNTM/XGN correlation comes out at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.39 over 3 years. The 5-year figure is 0.33, and annualized covariance runs at 7980.3 %².
Within QNTM's tracked universe of 14 assets, XGN comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with XGN ahead by 60.0 points (-81.3% versus -21.3%). Note the risk asymmetry: QNTM runs 2.6 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.
QNTM vs XGN: side by side
| QNTM (Quantum Biopharma Ltd. - Class B Subordinate Voting Shares) | XGN (Exagen Inc.) | |
|---|---|---|
| 1-year return | -81.3% | -21.3% |
| 5-year return | -97.4% | -47.1% |
| Volatility (ann.) | 230.6% | 88.9% |
| Beta vs S&P 500 | 0.93 | 1.41 |
| Max drawdown (3Y) | -98.0% | -77.8% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QNTM | XGN |
|---|---|---|
| 2022 | -22.7% | -79.4% |
| 2023 | +16.8% | -17.1% |
| 2024 | -93.8% | +106.0% |
| 2025 | +98.4% | +48.3% |
| 2026 | -57.1% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNTM and XGN good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QNTM and XGN?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.27 over the last year and 0.33 over 5 years.
Is XGN a good diversifier for QNTM?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 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/qntm-vs-xgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qntm-vs-xgn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QNTM correlations · XGN correlations
