CSWC vs SPRB: Correlation
Measured on weekly returns over the past three years, Capital Southwest Corporation (CSWC) and Spruce Biosciences, Inc. (SPRB) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSWC and SPRB?
On 3 years of weekly data the CSWC/SPRB correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.55) than the 3-year average (-0.32). The 5-year figure is -0.23, and annualized covariance runs at -6929.8 %².
SPRB is close to the least connected end of CSWC's tracked universe, ranking #15 of 17. The last year tells two different stories: SPRB led by 720.8 percentage points, +25.5% for CSWC against +746.3% for SPRB. Note the risk asymmetry: SPRB runs 54.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CSWC vs SPRB: side by side
| CSWC (Capital Southwest Corporation) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +25.5% | +746.3% |
| 5-year return | +72.3% | -99.8% |
| Volatility (ann.) | 20.0% | 1086.4% |
| Beta vs S&P 500 | 0.64 | -7.82 |
| Max drawdown (3Y) | -27.7% | -100.0% |
| Market cap | $1.6B | $0.2B |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 9.20% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSWC | SPRB |
|---|---|---|
| 2022 | -24.4% | -75.4% |
| 2023 | +56.1% | +167.1% |
| 2024 | +2.1% | -85.7% |
| 2025 | +14.3% | -96.3% |
| 2026 | +23.1% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSWC and SPRB good diversifiers for each other?
Yes. With a correlation of -0.32, CSWC and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CSWC and SPRB?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.55 over the last year and -0.23 over 5 years.
Is SPRB a good diversifier for CSWC?
Yes. With a correlation of -0.32, CSWC and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/cswc-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cswc-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSWC correlations · SPRB correlations
