GHC vs SPRB: Correlation
How closely do Graham Holdings Company (GHC) and Spruce Biosciences, Inc. (SPRB) trade together? Their weekly returns over three years give a correlation of -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and SPRB?
Over the past 3 years, GHC and SPRB moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.67 versus -0.39 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -11369.6 %².
Out of 16 assets tracked against GHC, SPRB lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with SPRB ahead by 741.1 points (+5.2% versus +746.3%). Note the risk asymmetry: SPRB runs 40.5 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.
GHC vs SPRB: side by side
| GHC (Graham Holdings Company) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +5.2% | +746.3% |
| 5-year return | +94.6% | -99.8% |
| Volatility (ann.) | 26.8% | 1086.4% |
| Beta vs S&P 500 | 0.78 | -7.82 |
| Max drawdown (3Y) | -19.8% | -100.0% |
| Market cap | $4.8B | $0.2B |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 0.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHC | SPRB |
|---|---|---|
| 2022 | -3.0% | -75.4% |
| 2023 | +16.6% | +167.1% |
| 2024 | +26.3% | -85.7% |
| 2025 | +27.0% | -96.3% |
| 2026 | +4.5% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and SPRB good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GHC and SPRB?
The GHC/SPRB correlation stands at -0.39 on a 3-year window (1 year: -0.67, 5 years: -0.32), computed from weekly returns as of 2026-08-27.
Is SPRB a good diversifier for GHC?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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$ curl https://www.pairbook.io/api/v1/pairs/ghc-vs-sprb.json
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Related comparisons
Hubs: GHC correlations · SPRB correlations
