GWH vs SCWO: Correlation
How closely do ESS Tech, Inc. (GWH) and 374Water Inc. (SCWO) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and SCWO?
Over the past 3 years, GWH and SCWO moved with a correlation of 0.43, which is moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.43). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 6290.0 %².
By 3-year correlation, SCWO places #5 of the 12 assets tracked against GWH. Correlation aside, the last 12 months split them widely, with SCWO ahead by 65.5 points (-76.2% versus -10.7%).
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 SCWO: side by side
| GWH (ESS Tech, Inc.) | SCWO (374Water Inc.) | |
|---|---|---|
| 1-year return | -76.2% | -10.7% |
| 5-year return | -99.8% | -85.7% |
| Volatility (ann.) | 122.3% | 118.3% |
| Beta vs S&P 500 | 1.11 | 0.98 |
| Max drawdown (3Y) | -98.8% | -90.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | SCWO |
|---|---|---|
| 2022 | -78.8% | +0.4% |
| 2023 | -53.1% | -50.3% |
| 2024 | -65.6% | -52.1% |
| 2025 | -68.0% | -70.0% |
| 2026 | -80.9% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and SCWO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GWH and SCWO?
As of 2026-08-27, the correlation of weekly returns between GWH and SCWO is 0.43 over 3 years, 0.73 over 1 year and 0.29 over 5 years.
Is SCWO a good diversifier for GWH?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gwh-vs-scwo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gwh-vs-scwo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GWH correlations · SCWO correlations
