FCAP vs NVX: Correlation
First Capital, Inc. (FCAP) and NOVONIX Limited - American Depository Shares (NVX) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCAP and NVX?
On 3 years of weekly data the FCAP/NVX correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.20 over 3. The 5-year figure is -0.10, and annualized covariance runs at -755.1 %².
Out of 13 assets tracked against FCAP, NVX lands near the bottom at #9. The last year tells two different stories: FCAP led by 131.2 percentage points, +55.8% for FCAP against -75.4% for NVX. Note the risk asymmetry: NVX runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FCAP vs NVX: side by side
| FCAP (First Capital, Inc.) | NVX (NOVONIX Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | +55.8% | -75.4% |
| 5-year return | +72.5% | -98.4% |
| Volatility (ann.) | 38.7% | 96.1% |
| Beta vs S&P 500 | 0.26 | 1.02 |
| Max drawdown (3Y) | -32.5% | -88.4% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 2.02% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCAP | NVX |
|---|---|---|
| 2022 | -36.3% | – |
| 2023 | +16.5% | -52.7% |
| 2024 | +20.0% | -7.2% |
| 2025 | +88.4% | -43.9% |
| 2026 | +6.3% | -64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCAP and NVX good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCAP and NVX?
As of 2026-08-27, the correlation of weekly returns between FCAP and NVX is -0.20 over 3 years, -0.23 over 1 year and -0.10 over 5 years.
Is NVX a good diversifier for FCAP?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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/fcap-vs-nvx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcap-vs-nvx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FCAP correlations · NVX correlations
