GWH vs RACE: Correlation
How closely do ESS Tech, Inc. (GWH) and Ferrari N.V. (RACE) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and RACE?
Across a 3-year window, the weekly returns of GWH and RACE correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.47 versus -0.19 over 3 years. Stretching to 5 years gives -0.00, with an annualized covariance of -781.5 %².
Among the 12 assets we track against GWH, RACE sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months RACE outperformed by 65.4 percentage points (-76.2% for GWH against -10.8% for RACE). Risk is not evenly split, since GWH carries 3.7 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 RACE: side by side
| GWH (ESS Tech, Inc.) | RACE (Ferrari N.V.) | |
|---|---|---|
| 1-year return | -76.2% | -10.8% |
| 5-year return | -99.8% | +98.0% |
| Volatility (ann.) | 122.3% | 32.9% |
| Beta vs S&P 500 | 1.11 | 0.99 |
| Max drawdown (3Y) | -98.8% | -39.2% |
| Market cap | – | $72.8B |
| P/E (trailing) | – | 38.2 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | RACE |
|---|---|---|
| 2022 | -78.8% | -16.7% |
| 2023 | -53.1% | +59.1% |
| 2024 | -65.6% | +26.3% |
| 2025 | -68.0% | -12.3% |
| 2026 | -80.9% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and RACE good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GWH and RACE?
The GWH/RACE correlation stands at -0.19 on a 3-year window (1 year: -0.47, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is RACE a good diversifier for GWH?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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.
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Related comparisons
Hubs: GWH correlations · RACE correlations
