GWH vs SLDP: Correlation
Measured on weekly returns over the past three years, ESS Tech, Inc. (GWH) and Solid Power, Inc. (SLDP) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and SLDP?
On 3 years of weekly data the GWH/SLDP correlation comes out at 0.48, moderate. The link has tightened recently: the 1-year correlation (0.62) runs above the 3-year figure (0.48). The 5-year figure is 0.43, and annualized covariance runs at 5164.9 %².
In GWH's tracked universe of 12 assets, SLDP sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months SLDP outperformed by 29.8 percentage points (-76.2% for GWH against -46.4% for SLDP).
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 SLDP: side by side
| GWH (ESS Tech, Inc.) | SLDP (Solid Power, Inc.) | |
|---|---|---|
| 1-year return | -76.2% | -46.4% |
| 5-year return | -99.8% | -76.1% |
| Volatility (ann.) | 122.3% | 87.4% |
| Beta vs S&P 500 | 1.11 | 1.88 |
| Max drawdown (3Y) | -98.8% | -76.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | SLDP |
|---|---|---|
| 2022 | -78.8% | -70.9% |
| 2023 | -53.1% | -42.9% |
| 2024 | -65.6% | +30.3% |
| 2025 | -68.0% | +124.9% |
| 2026 | -80.9% | -44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and SLDP good diversifiers for each other?
Reasonably. At 0.48, GWH and SLDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GWH and SLDP?
The GWH/SLDP correlation stands at 0.48 on a 3-year window (1 year: 0.62, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SLDP a good diversifier for GWH?
Reasonably. At 0.48, GWH and SLDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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.
Use this data
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Related comparisons
Hubs: GWH correlations · SLDP correlations
