GGR vs NREF: Correlation
How closely do Gogoro Inc. (GGR) and NexPoint Real Estate Finance, Inc. (NREF) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGR and NREF?
On 3 years of weekly data the GGR/NREF correlation comes out at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. The 5-year figure is 0.28, and annualized covariance runs at 725.7 %².
In GGR's tracked universe of 10 assets, NREF sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months NREF outperformed by 97.3 percentage points (-65.3% for GGR against +32.0% for NREF). Note the risk asymmetry: GGR runs 2.6 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.
GGR vs NREF: side by side
| GGR (Gogoro Inc.) | NREF (NexPoint Real Estate Finance, Inc.) | |
|---|---|---|
| 1-year return | -65.3% | +32.0% |
| 5-year return | -98.7% | +54.2% |
| Volatility (ann.) | 73.2% | 28.5% |
| Beta vs S&P 500 | 1.20 | 0.63 |
| Max drawdown (3Y) | -96.4% | -24.0% |
| Market cap | $0.1B | $0.4B |
| P/E (trailing) | – | 7.3 |
| Dividend yield | 0.00% | 11.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGR | NREF |
|---|---|---|
| 2022 | -67.8% | -8.9% |
| 2023 | -18.9% | +17.4% |
| 2024 | -80.6% | +13.5% |
| 2025 | -72.6% | +2.3% |
| 2026 | -6.2% | +32.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGR and NREF good diversifiers for each other?
Reasonably. At 0.35, GGR and NREF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GGR and NREF?
As of 2026-08-27, the correlation of weekly returns between GGR and NREF is 0.35 over 3 years, 0.27 over 1 year and 0.28 over 5 years.
Is NREF a good diversifier for GGR?
Reasonably. At 0.35, GGR and NREF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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/ggr-vs-nref.json
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Related comparisons
Hubs: GGR correlations · NREF correlations
