JOBY vs QS: Correlation
Joby Aviation, Inc. (JOBY) and QuantumScape Corporation (QS) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOBY and QS?
Across a 3-year window, the weekly returns of JOBY and QS correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 4231.0 %².
In JOBY's tracked universe of 26 assets, QS sits right near the top at #2. Correlation aside, the last 12 months split them widely, with QS ahead by 23.8 points (-50.4% versus -26.6%).
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.
JOBY vs QS: side by side
| JOBY (Joby Aviation, Inc.) | QS (QuantumScape Corporation) | |
|---|---|---|
| 1-year return | -50.4% | -26.6% |
| 5-year return | -43.1% | -72.4% |
| Volatility (ann.) | 70.2% | 90.7% |
| Beta vs S&P 500 | 2.37 | 2.17 |
| Max drawdown (3Y) | -67.4% | -73.5% |
| Market cap | $7.1B | $3.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOBY | QS |
|---|---|---|
| 2022 | -54.1% | -74.4% |
| 2023 | +98.5% | +22.6% |
| 2024 | +22.3% | -25.3% |
| 2025 | +62.4% | +100.8% |
| 2026 | -45.8% | -43.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOBY and QS good diversifiers for each other?
Only partially. A correlation of 0.66 means JOBY and QS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JOBY and QS?
The JOBY/QS correlation stands at 0.66 on a 3-year window (1 year: 0.73, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is QS a good diversifier for JOBY?
Only partially. A correlation of 0.66 means JOBY and QS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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.
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Related comparisons
Hubs: JOBY correlations · QS correlations
