FUSE vs NVNO: Correlation
How closely do Fusemachines Inc. (FUSE) and enVVeno Medical Corporation (NVNO) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUSE and NVNO?
Across a 3-year window, the weekly returns of FUSE and NVNO correlate at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.11) runs above the 3-year figure (-0.28). Stretching to 5 years gives -0.23, with an annualized covariance of -2664.9 %².
Among the 15 assets we track against FUSE, NVNO sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months NVNO outperformed by 30.1 percentage points (-94.6% for FUSE against -64.5% for NVNO).
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.
FUSE vs NVNO: side by side
| FUSE (Fusemachines Inc.) | NVNO (enVVeno Medical Corporation) | |
|---|---|---|
| 1-year return | -94.6% | -64.5% |
| 5-year return | -92.2% | -95.8% |
| Volatility (ann.) | 111.4% | 85.0% |
| Beta vs S&P 500 | 0.31 | 1.44 |
| Max drawdown (3Y) | -96.0% | -96.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FUSE | NVNO |
|---|---|---|
| 2022 | – | -22.6% |
| 2023 | +7.6% | +0.8% |
| 2024 | +5.6% | -41.2% |
| 2025 | -85.7% | -89.4% |
| 2026 | -53.8% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUSE and NVNO good diversifiers for each other?
Yes. With a correlation of -0.28, FUSE and NVNO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FUSE and NVNO?
As of 2026-08-27, the correlation of weekly returns between FUSE and NVNO is -0.28 over 3 years, 0.11 over 1 year and -0.23 over 5 years.
Is NVNO a good diversifier for FUSE?
Yes. With a correlation of -0.28, FUSE and NVNO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fuse-vs-nvno.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fuse-vs-nvno/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FUSE correlations · NVNO correlations
