GWH vs SPRB: Correlation
Measured on weekly returns over the past three years, ESS Tech, Inc. (GWH) and Spruce Biosciences, Inc. (SPRB) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and SPRB?
Over the past 3 years, GWH and SPRB moved with a correlation of 0.69, which is strong. The past 12 months show a tighter link (0.87) than the 3-year average (0.69). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 91922.6 %².
SPRB is one of the assets that tracks GWH most closely: it ranks #1 out of the 12 assets we track against GWH. Their recent paths diverged sharply: over the last 12 months SPRB outperformed by 822.5 percentage points (-76.2% for GWH against +746.3% for SPRB). Risk is not evenly split, since SPRB carries 8.9 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 SPRB: side by side
| GWH (ESS Tech, Inc.) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -76.2% | +746.3% |
| 5-year return | -99.8% | -99.8% |
| Volatility (ann.) | 122.3% | 1086.4% |
| Beta vs S&P 500 | 1.11 | -7.82 |
| Max drawdown (3Y) | -98.8% | -100.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | SPRB |
|---|---|---|
| 2022 | -78.8% | -75.4% |
| 2023 | -53.1% | +167.1% |
| 2024 | -65.6% | -85.7% |
| 2025 | -68.0% | -96.3% |
| 2026 | -80.9% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and SPRB good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GWH and SPRB?
The GWH/SPRB correlation stands at 0.69 on a 3-year window (1 year: 0.87, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPRB a good diversifier for GWH?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/gwh-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gwh-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GWH correlations · SPRB correlations
