ARKK vs ENVX: Correlation
How closely do ARK Innovation ETF (ARKK) and Enovix Corporation (ENVX) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and ENVX?
Across a 3-year window, the weekly returns of ARKK and ENVX correlate at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 1863.8 %².
By 3-year correlation, ENVX places #44 of the 122 assets tracked against ARKK. Correlation aside, the last 12 months split them widely, with ARKK ahead by 81.6 points (+15.7% versus -65.9%). One caveat on sizing: ENVX is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARKK vs ENVX: side by side
| ARKK (ARK Innovation ETF) | ENVX (Enovix Corporation) | |
|---|---|---|
| 1-year return | +15.7% | -65.9% |
| 5-year return | -27.7% | -76.8% |
| Volatility (ann.) | 38.8% | 88.0% |
| Beta vs S&P 500 | 2.07 | 2.61 |
| Max drawdown (3Y) | -39.6% | -82.9% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | ENVX |
|---|---|---|
| 2022 | -67.0% | -54.4% |
| 2023 | +69.0% | +0.6% |
| 2024 | +8.4% | -13.2% |
| 2025 | +35.5% | -32.8% |
| 2026 | +13.6% | -50.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and ENVX good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARKK and ENVX?
As of 2026-08-27, the correlation of weekly returns between ARKK and ENVX is 0.55 over 3 years, 0.51 over 1 year and 0.53 over 5 years.
Is ENVX a good diversifier for ARKK?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arkk-vs-envx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arkk-vs-envx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARKK correlations · ENVX correlations
