FUSE vs UCAR: Correlation
How closely do Fusemachines Inc. (FUSE) and U Power Limited - Class A (UCAR) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FUSE and UCAR?
Across a 3-year window, the weekly returns of FUSE and UCAR correlate at 0.40, moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.40). Stretching to 5 years gives n/a, with an annualized covariance of 8378.0 %².
By 3-year correlation, UCAR places #4 of the 15 assets tracked against FUSE. Twelve-month performance is nearly a tie, at -94.6% for FUSE and -96.9% for UCAR. Risk is not evenly split, since UCAR carries 1.7 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.
FUSE vs UCAR: side by side
| FUSE (Fusemachines Inc.) | UCAR (U Power Limited - Class A) | |
|---|---|---|
| 1-year return | -94.6% | -96.9% |
| 5-year return | -92.2% | n/a |
| Volatility (ann.) | 111.4% | 186.9% |
| Beta vs S&P 500 | 0.31 | 2.54 |
| Max drawdown (3Y) | -96.0% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FUSE | UCAR |
|---|---|---|
| 2023 | +7.6% | – |
| 2024 | +5.6% | -64.0% |
| 2025 | -85.7% | -77.1% |
| 2026 | -53.8% | -95.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FUSE and UCAR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FUSE and UCAR?
The FUSE/UCAR correlation stands at 0.40 on a 3-year window (1 year: 0.60, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is UCAR a good diversifier for FUSE?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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-ucar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fuse-vs-ucar/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FUSE correlations · UCAR correlations
