AQMS vs SHMD: Correlation
Aqua Metals, Inc. (AQMS) and SCHMID Group N.V. - Class A (SHMD) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQMS and SHMD?
Over the past 3 years, AQMS and SHMD moved with a correlation of 0.39, which is moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.39). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 5571.4 %².
By 3-year correlation, SHMD places #9 of the 15 assets tracked against AQMS. The last year tells two different stories: SHMD led by 54.7 percentage points, -25.9% for AQMS against +28.8% for SHMD.
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.
AQMS vs SHMD: side by side
| AQMS (Aqua Metals, Inc.) | SHMD (SCHMID Group N.V. - Class A) | |
|---|---|---|
| 1-year return | -25.9% | +28.8% |
| 5-year return | -99.4% | n/a |
| Volatility (ann.) | 132.6% | 96.9% |
| Beta vs S&P 500 | 1.86 | 0.77 |
| Max drawdown (3Y) | -98.9% | -69.6% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQMS | SHMD |
|---|---|---|
| 2022 | +1.6% | – |
| 2023 | -39.2% | – |
| 2024 | -83.4% | – |
| 2025 | -81.0% | +101.1% |
| 2026 | -41.5% | -45.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQMS and SHMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AQMS and SHMD?
The AQMS/SHMD correlation stands at 0.39 on a 3-year window (1 year: 0.56, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SHMD a good diversifier for AQMS?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: AQMS correlations · SHMD correlations
