EBS vs NVAX: Correlation
How closely do Emergent BioSolutions Inc. (EBS) and Novavax, Inc. (NVAX) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and NVAX?
On 3 years of weekly data the EBS/NVAX correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.46 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 4851.2 %².
In EBS's tracked universe of 15 assets, NVAX sits right near the top at #3. Correlation aside, the last 12 months split them widely, with NVAX ahead by 50.2 points (-30.8% versus +19.4%).
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.
EBS vs NVAX: side by side
| EBS (Emergent BioSolutions Inc.) | NVAX (Novavax, Inc.) | |
|---|---|---|
| 1-year return | -30.8% | +19.4% |
| 5-year return | -90.7% | -96.1% |
| Volatility (ann.) | 122.0% | 86.3% |
| Beta vs S&P 500 | 2.69 | 1.77 |
| Max drawdown (3Y) | -71.2% | -74.1% |
| Market cap | $0.3B | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBS | NVAX |
|---|---|---|
| 2022 | -72.8% | -92.8% |
| 2023 | -79.7% | -53.3% |
| 2024 | +298.3% | +67.5% |
| 2025 | +29.3% | -16.4% |
| 2026 | -51.9% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and NVAX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EBS and NVAX?
As of 2026-08-27, the correlation of weekly returns between EBS and NVAX is 0.46 over 3 years, 0.20 over 1 year and 0.41 over 5 years.
Is NVAX a good diversifier for EBS?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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
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Related comparisons
Hubs: EBS correlations · NVAX correlations
