SCWO vs XBIO: Correlation
How closely do 374Water Inc. (SCWO) and Xenetic Biosciences, Inc. (XBIO) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCWO and XBIO?
Over the past 3 years, SCWO and XBIO moved with a correlation of 0.45, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.45 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 4774.3 %².
Few assets follow SCWO as closely as XBIO, which ranks #3 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with XBIO ahead by 50.5 points (-10.7% versus +39.8%).
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.
SCWO vs XBIO: side by side
| SCWO (374Water Inc.) | XBIO (Xenetic Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -10.7% | +39.8% |
| 5-year return | -85.7% | -86.8% |
| Volatility (ann.) | 118.3% | 90.1% |
| Beta vs S&P 500 | 0.98 | 0.46 |
| Max drawdown (3Y) | -90.9% | -80.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SCWO | XBIO |
|---|---|---|
| 2022 | +0.4% | -77.9% |
| 2023 | -50.3% | +21.1% |
| 2024 | -52.1% | +15.7% |
| 2025 | -70.0% | -45.6% |
| 2026 | +31.4% | +82.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCWO and XBIO good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SCWO and XBIO?
The SCWO/XBIO correlation stands at 0.45 on a 3-year window (1 year: 0.79, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is XBIO a good diversifier for SCWO?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/scwo-vs-xbio.json
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[](https://www.pairbook.io/pair/scwo-vs-xbio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SCWO correlations · XBIO correlations
