AREN vs SCWO: Correlation
Measured on weekly returns over the past three years, The Arena Group Holdings, Inc. (AREN) and 374Water Inc. (SCWO) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and SCWO?
On 3 years of weekly data the AREN/SCWO correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.09) sits close to the 3-year figure. The 5-year figure is -0.13, and annualized covariance runs at -3234.2 %².
Within AREN's tracked universe of 22 assets, SCWO comes in at #14 by 3-year correlation. The last year tells two different stories: SCWO led by 74.1 percentage points, -84.8% for AREN against -10.7% for SCWO.
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.
AREN vs SCWO: side by side
| AREN (The Arena Group Holdings, Inc.) | SCWO (374Water Inc.) | |
|---|---|---|
| 1-year return | -84.8% | -10.7% |
| 5-year return | -93.0% | -85.7% |
| Volatility (ann.) | 157.6% | 118.3% |
| Beta vs S&P 500 | 0.49 | 0.98 |
| Max drawdown (3Y) | -91.7% | -90.9% |
| Market cap | – | – |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREN | SCWO |
|---|---|---|
| 2022 | -24.6% | +0.4% |
| 2023 | -77.6% | -50.3% |
| 2024 | -43.7% | -52.1% |
| 2025 | +198.5% | -70.0% |
| 2026 | -76.5% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and SCWO good diversifiers for each other?
Yes. With a correlation of -0.17, AREN and SCWO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AREN and SCWO?
As of 2026-08-27, the correlation of weekly returns between AREN and SCWO is -0.17 over 3 years, -0.09 over 1 year and -0.13 over 5 years.
Is SCWO a good diversifier for AREN?
Yes. With a correlation of -0.17, AREN and SCWO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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/aren-vs-scwo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aren-vs-scwo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AREN correlations · SCWO correlations
