EAF vs NVX: Correlation
Measured on weekly returns over the past three years, GrafTech International Ltd. (EAF) and NOVONIX Limited - American Depository Shares (NVX) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EAF and NVX?
On 3 years of weekly data the EAF/NVX correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 3940.4 %².
In EAF's tracked universe of 12 assets, NVX sits right near the top at #2. Correlation aside, the last 12 months split them widely, with EAF ahead by 50.1 points (-25.3% versus -75.4%).
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.
EAF vs NVX: side by side
| EAF (GrafTech International Ltd.) | NVX (NOVONIX Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | -25.3% | -75.4% |
| 5-year return | -93.3% | -98.4% |
| Volatility (ann.) | 96.0% | 96.1% |
| Beta vs S&P 500 | 1.47 | 1.02 |
| Max drawdown (3Y) | -86.7% | -88.4% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EAF | NVX |
|---|---|---|
| 2022 | -59.5% | – |
| 2023 | -53.8% | -52.7% |
| 2024 | -21.0% | -7.2% |
| 2025 | -10.3% | -43.9% |
| 2026 | -52.1% | -64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EAF and NVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EAF and NVX?
The EAF/NVX correlation stands at 0.43 on a 3-year window (1 year: 0.42, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is NVX a good diversifier for EAF?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/eaf-vs-nvx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eaf-vs-nvx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EAF correlations · NVX correlations
