FLUX vs GWH: Correlation
How closely do Flux Power Holdings, Inc. (FLUX) and ESS Tech, Inc. (GWH) 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 FLUX and GWH?
Across a 3-year window, the weekly returns of FLUX and GWH correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 5439.0 %².
Few assets follow FLUX as closely as GWH, which ranks #2 of 10 tracked partners. Over the last 12 months FLUX came out ahead by 14.7 percentage points (-61.5% against -76.2%).
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.
FLUX vs GWH: side by side
| FLUX (Flux Power Holdings, Inc.) | GWH (ESS Tech, Inc.) | |
|---|---|---|
| 1-year return | -61.5% | -76.2% |
| 5-year return | -92.4% | -99.8% |
| Volatility (ann.) | 103.0% | 122.3% |
| Beta vs S&P 500 | 1.61 | 1.11 |
| Max drawdown (3Y) | -92.3% | -98.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLUX | GWH |
|---|---|---|
| 2022 | -7.5% | -78.8% |
| 2023 | +3.5% | -53.1% |
| 2024 | -61.6% | -65.6% |
| 2025 | -19.6% | -68.0% |
| 2026 | -49.7% | -80.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLUX and GWH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLUX and GWH?
As of 2026-08-27, the correlation of weekly returns between FLUX and GWH is 0.43 over 3 years, 0.51 over 1 year and 0.35 over 5 years.
Is GWH a good diversifier for FLUX?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
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.
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Related comparisons
Hubs: FLUX correlations · GWH correlations
