DARE vs EFOI: Correlation
Measured on weekly returns over the past three years, Dare Bioscience, Inc. (DARE) and Energy Focus, Inc. (EFOI) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DARE and EFOI?
On 3 years of weekly data the DARE/EFOI correlation comes out at 0.45, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.45 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 6735.6 %².
In DARE's tracked universe of 11 assets, EFOI sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months EFOI outperformed by 76.6 percentage points (-63.4% for DARE against +13.2% for EFOI). One caveat on sizing: EFOI is 1.7 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.
DARE vs EFOI: side by side
| DARE (Dare Bioscience, Inc.) | EFOI (Energy Focus, Inc.) | |
|---|---|---|
| 1-year return | -63.4% | +13.2% |
| 5-year return | -96.5% | -87.5% |
| Volatility (ann.) | 94.9% | 158.7% |
| Beta vs S&P 500 | 1.76 | 1.96 |
| Max drawdown (3Y) | -91.3% | -58.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DARE | EFOI |
|---|---|---|
| 2022 | -58.5% | -92.5% |
| 2023 | -62.8% | -32.6% |
| 2024 | -15.9% | -21.2% |
| 2025 | -38.1% | +94.1% |
| 2026 | -61.7% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DARE and EFOI 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 DARE and EFOI?
The DARE/EFOI correlation stands at 0.45 on a 3-year window (1 year: 0.63, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is EFOI a good diversifier for DARE?
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/dare-vs-efoi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dare-vs-efoi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DARE correlations · EFOI correlations
