ENVX vs OM: Correlation
How closely do Enovix Corporation (ENVX) and Outset Medical, Inc. (OM) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and OM?
On 3 years of weekly data the ENVX/OM correlation comes out at 0.43, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.43 over 3. The 5-year figure is 0.38, and annualized covariance runs at 4255.4 %².
Within ENVX's tracked universe of 22 assets, OM comes in at #11 by 3-year correlation. Twelve-month performance is nearly a tie, at -65.9% for ENVX and -70.7% for OM.
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 OM: side by side
| ENVX (Enovix Corporation) | OM (Outset Medical, Inc.) | |
|---|---|---|
| 1-year return | -65.9% | -70.7% |
| 5-year return | -76.8% | -99.4% |
| Volatility (ann.) | 88.0% | 112.6% |
| Beta vs S&P 500 | 2.61 | 1.98 |
| Max drawdown (3Y) | -82.9% | -98.5% |
| Market cap | $0.8B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVX | OM |
|---|---|---|
| 2022 | -54.4% | -44.0% |
| 2023 | +0.6% | -79.0% |
| 2024 | -13.2% | -79.5% |
| 2025 | -32.8% | -77.7% |
| 2026 | -50.9% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and OM good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ENVX and OM?
The ENVX/OM correlation stands at 0.43 on a 3-year window (1 year: 0.49, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is OM a good diversifier for ENVX?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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
$ curl https://www.pairbook.io/api/v1/pairs/envx-vs-om.json
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Related comparisons
Hubs: ENVX correlations · OM correlations
