DOW vs SPRB: Correlation
Measured on weekly returns over the past three years, Dow Inc. (DOW) and Spruce Biosciences, Inc. (SPRB) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOW and SPRB?
Over the past 3 years, DOW and SPRB moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.32) than the 3-year average (-0.21). Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -7871.0 %².
SPRB is close to the least connected end of DOW's tracked universe, ranking #29 of 32. Correlation aside, the last 12 months split them widely, with SPRB ahead by 717.3 points (+29.0% versus +746.3%). One caveat on sizing: SPRB is 30.9 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 SPRB: side by side
| DOW (Dow Inc.) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +29.0% | +746.3% |
| 5-year return | -38.4% | -99.8% |
| Volatility (ann.) | 35.2% | 1086.4% |
| Beta vs S&P 500 | 0.62 | -7.82 |
| Max drawdown (3Y) | -62.2% | -100.0% |
| Market cap | $21.9B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | DOW | SPRB |
|---|---|---|
| 2022 | -6.6% | -75.4% |
| 2023 | +14.7% | +167.1% |
| 2024 | -22.8% | -85.7% |
| 2025 | -37.4% | -96.3% |
| 2026 | +32.6% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and SPRB good diversifiers for each other?
Yes. With a correlation of -0.21, DOW and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DOW and SPRB?
As of 2026-08-27, the correlation of weekly returns between DOW and SPRB is -0.21 over 3 years, -0.32 over 1 year and -0.16 over 5 years.
Is SPRB a good diversifier for DOW?
Yes. With a correlation of -0.21, DOW and SPRB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dow-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dow-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DOW correlations · SPRB correlations
