TRAW vs XBIT: Correlation
Measured on weekly returns over the past three years, Traws Pharma, Inc. (TRAW) and XBiotech Inc. (XBIT) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRAW and XBIT?
Across a 3-year window, the weekly returns of TRAW and XBIT correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.09 versus -0.28 over 3 years. Stretching to 5 years gives -0.13, with an annualized covariance of -2392.0 %².
XBIT is close to the least connected end of TRAW's tracked universe, ranking #16 of 16. Their recent paths diverged sharply: over the last 12 months XBIT outperformed by 24.9 percentage points (-58.8% for TRAW against -33.9% for XBIT). One caveat on sizing: TRAW is 2.3 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.
TRAW vs XBIT: side by side
| TRAW (Traws Pharma, Inc.) | XBIT (XBiotech Inc.) | |
|---|---|---|
| 1-year return | -58.8% | -33.9% |
| 5-year return | -99.5% | -85.8% |
| Volatility (ann.) | 138.3% | 60.9% |
| Beta vs S&P 500 | 0.67 | 1.09 |
| Max drawdown (3Y) | -98.3% | -78.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TRAW | XBIT |
|---|---|---|
| 2022 | -74.5% | -68.5% |
| 2023 | +15.4% | +14.0% |
| 2024 | -52.6% | -1.2% |
| 2025 | -87.3% | -39.5% |
| 2026 | -48.2% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRAW and XBIT good diversifiers for each other?
Yes. With a correlation of -0.28, TRAW and XBIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TRAW and XBIT?
The TRAW/XBIT correlation stands at -0.28 on a 3-year window (1 year: -0.09, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is XBIT a good diversifier for TRAW?
Yes. With a correlation of -0.28, TRAW and XBIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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-xbit.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/traw-vs-xbit/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TRAW correlations · XBIT correlations
