AEVA vs QS: Correlation
How closely do Aeva Technologies, Inc. (AEVA) and QuantumScape Corporation (QS) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEVA and QS?
Across a 3-year window, the weekly returns of AEVA and QS correlate at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 5512.3 %².
In AEVA's tracked universe of 14 assets, QS sits right near the top at #2. The last year tells two different stories: AEVA led by 30.5 percentage points, +3.9% for AEVA against -26.6% for QS.
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 QS: side by side
| AEVA (Aeva Technologies, Inc.) | QS (QuantumScape Corporation) | |
|---|---|---|
| 1-year return | +3.9% | -26.6% |
| 5-year return | -66.2% | -72.4% |
| Volatility (ann.) | 127.6% | 90.7% |
| Beta vs S&P 500 | 2.96 | 2.17 |
| Max drawdown (3Y) | -75.7% | -73.5% |
| Market cap | $1.1B | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEVA | QS |
|---|---|---|
| 2022 | -82.0% | -74.4% |
| 2023 | -44.3% | +22.6% |
| 2024 | +25.3% | -25.3% |
| 2025 | +179.6% | +100.8% |
| 2026 | +23.4% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEVA and QS good diversifiers for each other?
Reasonably. At 0.48, AEVA and QS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AEVA and QS?
The AEVA/QS correlation stands at 0.48 on a 3-year window (1 year: 0.48, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is QS a good diversifier for AEVA?
Reasonably. At 0.48, AEVA and QS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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 · QS correlations
