TRAW vs XAIR: Correlation
Measured on weekly returns over the past three years, Traws Pharma, Inc. (TRAW) and Beyond Air, Inc. (XAIR) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRAW and XAIR?
Across a 3-year window, the weekly returns of TRAW and XAIR correlate at 0.32, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.50 versus 0.32 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 4672.8 %².
Among the 16 assets we track against TRAW, XAIR ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRAW ahead by 28.7 points (-58.8% versus -87.5%).
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.
TRAW vs XAIR: side by side
| TRAW (Traws Pharma, Inc.) | XAIR (Beyond Air, Inc.) | |
|---|---|---|
| 1-year return | -58.8% | -87.5% |
| 5-year return | -99.5% | -99.9% |
| Volatility (ann.) | 138.3% | 106.7% |
| Beta vs S&P 500 | 0.67 | 0.35 |
| Max drawdown (3Y) | -98.3% | -99.6% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TRAW | XAIR |
|---|---|---|
| 2022 | -74.5% | -31.2% |
| 2023 | +15.4% | -69.8% |
| 2024 | -52.6% | -81.7% |
| 2025 | -87.3% | -89.9% |
| 2026 | -48.2% | -60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRAW and XAIR good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TRAW and XAIR?
As of 2026-08-27, the correlation of weekly returns between TRAW and XAIR is 0.32 over 3 years, 0.50 over 1 year and 0.29 over 5 years.
Is XAIR a good diversifier for TRAW?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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/traw-vs-xair.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/traw-vs-xair/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TRAW correlations · XAIR correlations
