EBS vs SPWR: Correlation
Emergent BioSolutions Inc. (EBS) and SunPower Inc. (SPWR) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and SPWR?
Over the past 3 years, EBS and SPWR moved with a correlation of 0.43, which is moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.43). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 7604.3 %².
Within EBS's tracked universe of 15 assets, SPWR comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EBS ahead by 49.6 points (-30.8% versus -80.4%).
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 SPWR: side by side
| EBS (Emergent BioSolutions Inc.) | SPWR (SunPower Inc.) | |
|---|---|---|
| 1-year return | -30.8% | -80.4% |
| 5-year return | -90.7% | n/a |
| Volatility (ann.) | 122.0% | 146.1% |
| Beta vs S&P 500 | 2.69 | 1.97 |
| Max drawdown (3Y) | -71.2% | -92.9% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBS | SPWR |
|---|---|---|
| 2022 | -72.8% | – |
| 2023 | -79.7% | – |
| 2024 | +298.3% | +11.5% |
| 2025 | +29.3% | -12.3% |
| 2026 | -51.9% | -81.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and SPWR good diversifiers for each other?
Reasonably. At 0.43, EBS and SPWR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EBS and SPWR?
The EBS/SPWR correlation stands at 0.43 on a 3-year window (1 year: 0.32, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPWR a good diversifier for EBS?
Reasonably. At 0.43, EBS and SPWR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
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Related comparisons
Hubs: EBS correlations · SPWR correlations
