ENVX vs PGR: Correlation
How closely do Enovix Corporation (ENVX) and Progressive Corporation (PGR) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and PGR?
On 3 years of weekly data the ENVX/PGR correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. The 5-year figure is -0.14, and annualized covariance runs at -529.8 %².
PGR is close to the least connected end of ENVX's tracked universe, ranking #18 of 22. Their recent paths diverged sharply: over the last 12 months PGR outperformed by 60.6 percentage points (-65.9% for ENVX against -5.3% for PGR). Risk is not evenly split, since ENVX carries 3.7 times the volatility of the other side.
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 PGR: side by side
| ENVX (Enovix Corporation) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | -65.9% | -5.3% |
| 5-year return | -76.8% | +153.0% |
| Volatility (ann.) | 88.0% | 23.6% |
| Beta vs S&P 500 | 2.61 | 0.32 |
| Max drawdown (3Y) | -82.9% | -30.4% |
| Market cap | $0.8B | $126.5B |
| P/E (trailing) | – | 10.9 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ENVX | PGR |
|---|---|---|
| 2022 | -54.4% | +26.8% |
| 2023 | +0.6% | +23.2% |
| 2024 | -13.2% | +51.4% |
| 2025 | -32.8% | -3.0% |
| 2026 | -50.9% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and PGR good diversifiers for each other?
Yes. With a correlation of -0.26, ENVX and PGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ENVX and PGR?
As of 2026-08-27, the correlation of weekly returns between ENVX and PGR is -0.26 over 3 years, -0.36 over 1 year and -0.14 over 5 years.
Is PGR a good diversifier for ENVX?
Yes. With a correlation of -0.26, ENVX and PGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-pgr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/envx-vs-pgr/)
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Related comparisons
Hubs: ENVX correlations · PGR correlations
