FCEL vs MRAM: Correlation
FuelCell Energy, Inc. (FCEL) and Everspin Technologies, Inc. (MRAM) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCEL and MRAM?
On 3 years of weekly data the FCEL/MRAM correlation comes out at 0.42, moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.42). The 5-year figure is 0.45, and annualized covariance runs at 3147.4 %².
In FCEL's tracked universe of 11 assets, MRAM sits right near the top at #3. The last year tells two different stories: FCEL led by 169.9 percentage points, +343.1% for FCEL against +173.2% for MRAM. Risk is not evenly split, since FCEL carries 1.6 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.
FCEL vs MRAM: side by side
| FCEL (FuelCell Energy, Inc.) | MRAM (Everspin Technologies, Inc.) | |
|---|---|---|
| 1-year return | +343.1% | +173.2% |
| 5-year return | -89.6% | +134.7% |
| Volatility (ann.) | 109.1% | 69.5% |
| Beta vs S&P 500 | 1.17 | 1.58 |
| Max drawdown (3Y) | -93.0% | -70.6% |
| Market cap | $1.5B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCEL | MRAM |
|---|---|---|
| 2022 | -46.5% | -50.8% |
| 2023 | -42.4% | +62.6% |
| 2024 | -81.2% | -29.3% |
| 2025 | -19.1% | +45.2% |
| 2026 | +164.3% | +88.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCEL and MRAM good diversifiers for each other?
Reasonably. At 0.42, FCEL and MRAM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FCEL and MRAM?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.53 over the last year and 0.45 over 5 years.
Is MRAM a good diversifier for FCEL?
Reasonably. At 0.42, FCEL and MRAM keep a meaningful degree of independence, and combining them has historically reduced portfolio 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcel-vs-mram.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcel-vs-mram/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCEL correlations · MRAM correlations
