AEVA vs EVEX: Correlation
How closely do Aeva Technologies, Inc. (AEVA) and Eve Holding, Inc. (EVEX) 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 AEVA and EVEX?
Over the past 3 years, AEVA and EVEX moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 3456.7 %².
Within AEVA's tracked universe of 14 assets, EVEX comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AEVA ahead by 44.7 points (+3.9% versus -40.8%). Risk is not evenly split, since AEVA carries 2.1 times the volatility of the other side.
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.
AEVA vs EVEX: side by side
| AEVA (Aeva Technologies, Inc.) | EVEX (Eve Holding, Inc.) | |
|---|---|---|
| 1-year return | +3.9% | -40.8% |
| 5-year return | -66.2% | -72.4% |
| Volatility (ann.) | 127.6% | 60.7% |
| Beta vs S&P 500 | 2.96 | 1.73 |
| Max drawdown (3Y) | -75.7% | -75.8% |
| Market cap | $1.1B | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEVA | EVEX |
|---|---|---|
| 2022 | -82.0% | – |
| 2023 | -44.3% | +1.7% |
| 2024 | +25.3% | -25.7% |
| 2025 | +179.6% | -26.7% |
| 2026 | +23.4% | -40.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEVA and EVEX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AEVA and EVEX?
The AEVA/EVEX correlation stands at 0.45 on a 3-year window (1 year: 0.47, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is EVEX a good diversifier for AEVA?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AEVA correlations · EVEX correlations
