ENVX vs LCID: Correlation
How closely do Enovix Corporation (ENVX) and Lucid Group, Inc. (LCID) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and LCID?
Over the past 3 years, ENVX and LCID moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 2843.8 %².
Within ENVX's tracked universe of 22 assets, LCID comes in at #13 by 3-year correlation. The trailing year gives ENVX the advantage: -65.9% versus -75.5%, a 9.6-point spread.
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 LCID: side by side
| ENVX (Enovix Corporation) | LCID (Lucid Group, Inc.) | |
|---|---|---|
| 1-year return | -65.9% | -75.5% |
| 5-year return | -76.8% | -97.5% |
| Volatility (ann.) | 88.0% | 78.4% |
| Beta vs S&P 500 | 2.61 | 1.25 |
| Max drawdown (3Y) | -82.9% | -92.7% |
| Market cap | $0.8B | $2.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | LCID |
|---|---|---|
| 2022 | -54.4% | -82.0% |
| 2023 | +0.6% | -38.4% |
| 2024 | -13.2% | -28.3% |
| 2025 | -32.8% | -65.0% |
| 2026 | -50.9% | -51.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and LCID good diversifiers for each other?
Reasonably. At 0.41, ENVX and LCID keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENVX and LCID?
As of 2026-08-27, the correlation of weekly returns between ENVX and LCID is 0.41 over 3 years, 0.10 over 1 year and 0.34 over 5 years.
Is LCID a good diversifier for ENVX?
Reasonably. At 0.41, ENVX and LCID keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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
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Related comparisons
Hubs: ENVX correlations · LCID correlations
