GWH vs IVA: Correlation
ESS Tech, Inc. (GWH) and Inventiva S.A. - American Depository Shares (IVA) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and IVA?
On 3 years of weekly data the GWH/IVA correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.22). The 5-year figure is -0.06, and annualized covariance runs at -1846.3 %².
Among the 12 assets we track against GWH, IVA sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months IVA outperformed by 69.9 percentage points (-76.2% for GWH against -6.3% for IVA). Risk is not evenly split, since GWH 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.
GWH vs IVA: side by side
| GWH (ESS Tech, Inc.) | IVA (Inventiva S.A. - American Depository Shares) | |
|---|---|---|
| 1-year return | -76.2% | -6.3% |
| 5-year return | -99.8% | -60.4% |
| Volatility (ann.) | 122.3% | 69.9% |
| Beta vs S&P 500 | 1.11 | 0.38 |
| Max drawdown (3Y) | -98.8% | -64.9% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | IVA |
|---|---|---|
| 2022 | -78.8% | -67.3% |
| 2023 | -53.1% | +1.3% |
| 2024 | -65.6% | -52.6% |
| 2025 | -68.0% | +117.3% |
| 2026 | -80.9% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and IVA good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GWH and IVA?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.33 over the last year and -0.06 over 5 years.
Is IVA a good diversifier for GWH?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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
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Related comparisons
Hubs: GWH correlations · IVA correlations
