GWH vs TMQ: Correlation
ESS Tech, Inc. (GWH) and Trilogy Metals Inc. (TMQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GWH and TMQ?
On 3 years of weekly data the GWH/TMQ correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.58). The 5-year figure is 0.49, and annualized covariance runs at 9284.0 %².
Few assets follow GWH as closely as TMQ, which ranks #2 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months TMQ outperformed by 202.5 percentage points (-76.2% for GWH against +126.3% for TMQ).
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 TMQ: side by side
| GWH (ESS Tech, Inc.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | -76.2% | +126.3% |
| 5-year return | -99.8% | +85.3% |
| Volatility (ann.) | 122.3% | 131.6% |
| Beta vs S&P 500 | 1.11 | 0.28 |
| Max drawdown (3Y) | -98.8% | -72.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GWH | TMQ |
|---|---|---|
| 2022 | -78.8% | -66.7% |
| 2023 | -53.1% | -21.8% |
| 2024 | -65.6% | +169.8% |
| 2025 | -68.0% | +271.6% |
| 2026 | -80.9% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GWH and TMQ good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GWH and TMQ?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.82 over the last year and 0.49 over 5 years.
Is TMQ a good diversifier for GWH?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GWH correlations · TMQ correlations
