ASPN vs ENVX: Correlation
How closely do Aspen Aerogels, Inc. (ASPN) and Enovix Corporation (ENVX) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASPN and ENVX?
Across a 3-year window, the weekly returns of ASPN and ENVX correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 3513.4 %².
ENVX is one of the assets that tracks ASPN most closely: it ranks #1 out of the 14 assets we track against ASPN. Their recent paths diverged sharply: over the last 12 months ASPN outperformed by 40.4 percentage points (-25.5% for ASPN against -65.9% for ENVX).
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.
ASPN vs ENVX: side by side
| ASPN (Aspen Aerogels, Inc.) | ENVX (Enovix Corporation) | |
|---|---|---|
| 1-year return | -25.5% | -65.9% |
| 5-year return | -88.1% | -76.8% |
| Volatility (ann.) | 88.3% | 88.0% |
| Beta vs S&P 500 | 2.05 | 2.61 |
| Max drawdown (3Y) | -91.9% | -82.9% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASPN | ENVX |
|---|---|---|
| 2022 | -76.3% | -54.4% |
| 2023 | +33.8% | +0.6% |
| 2024 | -24.7% | -13.2% |
| 2025 | -76.2% | -32.8% |
| 2026 | +84.8% | -50.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASPN and ENVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASPN and ENVX?
The ASPN/ENVX correlation stands at 0.45 on a 3-year window (1 year: 0.54, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is ENVX a good diversifier for ASPN?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/aspn-vs-envx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aspn-vs-envx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASPN correlations · ENVX correlations
