FTEK vs GVA: Correlation
Measured on weekly returns over the past three years, Fuel Tech, Inc. (FTEK) and Granite Construction Incorporated (GVA) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTEK and GVA?
Across a 3-year window, the weekly returns of FTEK and GVA correlate at 0.34, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.34). Stretching to 5 years gives 0.30, with an annualized covariance of 694.5 %².
Within FTEK's tracked universe of 13 assets, GVA comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GVA outperformed by 63.7 percentage points (-49.8% for FTEK against +13.9% for GVA). Note the risk asymmetry: FTEK runs 1.6 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.
FTEK vs GVA: side by side
| FTEK (Fuel Tech, Inc.) | GVA (Granite Construction Incorporated) | |
|---|---|---|
| 1-year return | -49.8% | +13.9% |
| 5-year return | -21.1% | +219.9% |
| Volatility (ann.) | 58.1% | 35.5% |
| Beta vs S&P 500 | 0.70 | 1.13 |
| Max drawdown (3Y) | -67.2% | -29.1% |
| Market cap | – | $5.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FTEK | GVA |
|---|---|---|
| 2022 | -9.3% | -7.8% |
| 2023 | -17.3% | +46.8% |
| 2024 | +0.0% | +73.8% |
| 2025 | +48.6% | +32.2% |
| 2026 | -6.4% | +8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTEK and GVA good diversifiers for each other?
Reasonably. At 0.34, FTEK and GVA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FTEK and GVA?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.49 over the last year and 0.30 over 5 years.
Is GVA a good diversifier for FTEK?
Reasonably. At 0.34, FTEK and GVA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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: FTEK correlations · GVA correlations
