DOW vs NEPH: Correlation
Dow Inc. (DOW) and Nephros, Inc. (NEPH) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOW and NEPH?
Across a 3-year window, the weekly returns of DOW and NEPH correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.30) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.09, with an annualized covariance of -392.1 %².
Within DOW's tracked universe of 32 assets, NEPH comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DOW outperformed by 22.6 percentage points (+29.0% for DOW against +6.4% for NEPH). One caveat on sizing: NEPH is 1.9 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.
DOW vs NEPH: side by side
| DOW (Dow Inc.) | NEPH (Nephros, Inc.) | |
|---|---|---|
| 1-year return | +29.0% | +6.4% |
| 5-year return | -38.4% | -48.4% |
| Volatility (ann.) | 35.2% | 66.5% |
| Beta vs S&P 500 | 0.62 | 0.07 |
| Max drawdown (3Y) | -62.2% | -65.2% |
| Market cap | $21.9B | – |
| P/E (trailing) | – | 25.4 |
| Dividend yield | 4.62% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | DOW | NEPH |
|---|---|---|
| 2022 | -6.6% | -80.3% |
| 2023 | +14.7% | +198.3% |
| 2024 | -22.8% | -57.5% |
| 2025 | -37.4% | +232.0% |
| 2026 | +32.6% | -11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and NEPH good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DOW and NEPH?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.30 over the last year and -0.09 over 5 years.
Is NEPH a good diversifier for DOW?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/dow-vs-neph.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dow-vs-neph/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOW correlations · NEPH correlations
