RTB RTB Digital, Inc. Common Stock

together opposite · bar = ρ at each lag, −10 … 0 … +10 days · holdout ρ · click a card for the full picture

Weekly, not daily

No day-to-day relationship, but 5- or 10-day returns move together.

RARE Ultragenyx Pharmaceutical Inc. Common Stock

horizon 10dρ +0.52holdout +0.64stable 75%robust

XENE Xenon Pharmaceuticals Inc. Common Shares

horizon 10dρ +0.44holdout +0.39stable 50%moderate

PTH Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Healthcare Momentum ETF

horizon 10dρ +0.43holdout +0.48stable 62%moderate

JBIO Jade Biosciences, Inc. Common Stock

horizon 10dρ +0.43holdout +0.45stable 88%robust

DNLI Denali Therapeutics Inc. Common Stock

horizon 10dρ +0.41holdout +0.49stable 62%moderate

GANX Gain Therapeutics, Inc. Common Stock

horizon 5dρ +0.39holdout +0.38stable 50%moderate

Biggest shifts in same-day correlation over the last 63 trading days versus the year before.

CMG Chipotle Mexican Grill, Inc.

Δ -0.46recent -0.35prior +0.11beyond mkt -0.02

EPAM EPAM SYSTEMS, INC.

Δ -0.44recent -0.32prior +0.12beyond mkt -0.02

UTHR United Therapeutics Corporation Common Stock

Δ -0.41recent -0.31prior +0.09beyond mkt -0.05

MIND MIND Technology, Inc. Common Stock (DE)

Δ +0.40recent +0.41prior +0.01beyond mkt -0.09

EXPO Exponent, Inc. Common Stock

Δ -0.39recent -0.36prior +0.03beyond mkt -0.10

GUT GABELLI UTILITY TRUST

Δ -0.39recent -0.33prior +0.06beyond mkt -0.06

Abnormal volume rises and falls on the same days as RTB's, while prices do not move together: the same hands, not the same business.

Symbol	traded together ρ	big prints together ρ	priced together ρ	q
SRFM Surf Air Mobility Inc.	+0.49	+0.12	+0.01	<1e-15
LAES SEALSQ Corp Ordinary Shares	+0.44	+0.15	+0.02	<1e-15
SPCE Virgin Galactic Holdings, Inc.	+0.37	+0.25	-0.02	3e-13
HSDT Solana Company Class A Common Stock (DE)	+0.39	+0.19	-0.00	<1e-15