GF vs OWLT: Correlation
How closely do New Germany Fund, Inc. (The) (GF) and Owlet, Inc. (OWLT) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GF and OWLT?
Across a 3-year window, the weekly returns of GF and OWLT correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 615.3 %².
OWLT is close to the least connected end of GF's tracked universe, ranking #11 of 14. Their recent paths diverged sharply: over the last 12 months GF outperformed by 33.3 percentage points (+2.8% for GF against -30.5% for OWLT). Note the risk asymmetry: OWLT runs 3.6 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.
GF vs OWLT: side by side
| GF (New Germany Fund, Inc. (The)) | OWLT (Owlet, Inc.) | |
|---|---|---|
| 1-year return | +2.8% | -30.5% |
| 5-year return | -16.5% | -94.4% |
| Volatility (ann.) | 20.9% | 75.1% |
| Beta vs S&P 500 | 0.76 | 1.79 |
| Max drawdown (3Y) | -18.1% | -73.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GF | OWLT |
|---|---|---|
| 2022 | -42.2% | -79.1% |
| 2023 | +11.7% | -32.5% |
| 2024 | -10.0% | -15.7% |
| 2025 | +48.3% | +263.8% |
| 2026 | +3.9% | -69.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GF and OWLT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GF and OWLT?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.47 over the last year and 0.29 over 5 years.
Is OWLT a good diversifier for GF?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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/gf-vs-owlt.json
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Related comparisons
Hubs: GF correlations · OWLT correlations
