ARTW vs NVNO: Correlation
How closely do Art's-Way Manufacturing Co., Inc. (ARTW) and enVVeno Medical Corporation (NVNO) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTW and NVNO?
Over the past 3 years, ARTW and NVNO moved with a correlation of 0.31, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.31 over 3 years. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 1815.4 %².
Among the 11 assets we track against ARTW, NVNO ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ARTW ahead by 61.5 points (-3.0% versus -64.5%).
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.
ARTW vs NVNO: side by side
| ARTW (Art's-Way Manufacturing Co., Inc.) | NVNO (enVVeno Medical Corporation) | |
|---|---|---|
| 1-year return | -3.0% | -64.5% |
| 5-year return | -16.9% | -95.8% |
| Volatility (ann.) | 68.2% | 85.0% |
| Beta vs S&P 500 | 0.87 | 1.44 |
| Max drawdown (3Y) | -60.0% | -96.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTW | NVNO |
|---|---|---|
| 2022 | -45.5% | -22.6% |
| 2023 | +7.3% | +0.8% |
| 2024 | +4.8% | -41.2% |
| 2025 | +8.3% | -89.4% |
| 2026 | +23.4% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTW and NVNO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ARTW and NVNO?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.20 over the last year and 0.20 over 5 years.
Is NVNO a good diversifier for ARTW?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/artw-vs-nvno.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/artw-vs-nvno/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARTW correlations · NVNO correlations
