GJP vs NVX: Correlation
Measured on weekly returns over the past three years, Synthetic Fixed-Income Securities, Inc. on behalf of STRATS (GJP) and NOVONIX Limited - American Depository Shares (NVX) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJP and NVX?
Over the past 3 years, GJP and NVX moved with a correlation of 0.31, which is moderate. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.31). Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 306.4 %².
Within GJP's tracked universe of 11 assets, NVX comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GJP ahead by 81.0 points (+5.6% versus -75.4%). One caveat on sizing: NVX is 9.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GJP vs NVX: side by side
| GJP (Synthetic Fixed-Income Securities, Inc. on behalf of STRATS) | NVX (NOVONIX Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | +5.6% | -75.4% |
| 5-year return | +30.4% | -98.4% |
| Volatility (ann.) | 10.3% | 96.1% |
| Beta vs S&P 500 | 0.13 | 1.02 |
| Max drawdown (3Y) | -5.8% | -88.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJP | NVX |
|---|---|---|
| 2022 | +4.2% | – |
| 2023 | +7.1% | -52.7% |
| 2024 | +7.2% | -7.2% |
| 2025 | +5.2% | -43.9% |
| 2026 | +2.9% | -64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJP and NVX good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GJP and NVX?
As of 2026-08-27, the correlation of weekly returns between GJP and NVX is 0.31 over 3 years, 0.11 over 1 year and 0.18 over 5 years.
Is NVX a good diversifier for GJP?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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/gjp-vs-nvx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gjp-vs-nvx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GJP correlations · NVX correlations
