ENVX vs JOBY: Correlation
Measured on weekly returns over the past three years, Enovix Corporation (ENVX) and Joby Aviation, Inc. (JOBY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and JOBY?
Across a 3-year window, the weekly returns of ENVX and JOBY correlate at 0.53, moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.53 over 3. Stretching to 5 years gives 0.47, with an annualized covariance of 3259.3 %².
Within ENVX's tracked universe of 22 assets, JOBY comes in at #4 by 3-year correlation. The last year tells two different stories: JOBY led by 15.5 percentage points, -65.9% for ENVX against -50.4% for JOBY.
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.
ENVX vs JOBY: side by side
| ENVX (Enovix Corporation) | JOBY (Joby Aviation, Inc.) | |
|---|---|---|
| 1-year return | -65.9% | -50.4% |
| 5-year return | -76.8% | -43.1% |
| Volatility (ann.) | 88.0% | 70.2% |
| Beta vs S&P 500 | 2.61 | 2.37 |
| Max drawdown (3Y) | -82.9% | -67.4% |
| Market cap | $0.8B | $7.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | JOBY |
|---|---|---|
| 2022 | -54.4% | -54.1% |
| 2023 | +0.6% | +98.5% |
| 2024 | -13.2% | +22.3% |
| 2025 | -32.8% | +62.4% |
| 2026 | -50.9% | -45.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and JOBY good diversifiers for each other?
Only partially. A correlation of 0.53 means ENVX and JOBY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ENVX and JOBY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.61 over the last year and 0.47 over 5 years.
Is JOBY a good diversifier for ENVX?
Only partially. A correlation of 0.53 means ENVX and JOBY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/envx-vs-joby.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/envx-vs-joby/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENVX correlations · JOBY correlations
