EVLV vs SPRY: Correlation
How closely do Evolv Technologies Holdings, Inc. (EVLV) and ARS Pharmaceuticals, Inc. (SPRY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and SPRY?
Over the past 3 years, EVLV and SPRY moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 2251.6 %².
Among the 12 assets we track against EVLV, SPRY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EVLV ahead by 18.6 points (-36.5% versus -55.1%).
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.
EVLV vs SPRY: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | SPRY (ARS Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -36.5% | -55.1% |
| 5-year return | -34.1% | -73.8% |
| Volatility (ann.) | 78.6% | 68.4% |
| Beta vs S&P 500 | 2.05 | 1.73 |
| Max drawdown (3Y) | -69.2% | -72.0% |
| Market cap | $1.0B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVLV | SPRY |
|---|---|---|
| 2022 | -41.9% | +28.1% |
| 2023 | +82.2% | -35.8% |
| 2024 | -16.3% | +92.5% |
| 2025 | +81.3% | +10.4% |
| 2026 | -25.7% | -48.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and SPRY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EVLV and SPRY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.49 over the last year and 0.25 over 5 years.
Is SPRY a good diversifier for EVLV?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: EVLV correlations · SPRY correlations
