JOBY vs RCAT: Correlation
Joby Aviation, Inc. (JOBY) and Red Cat Holdings, Inc. (RCAT) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOBY and RCAT?
On 3 years of weekly data the JOBY/RCAT correlation comes out at 0.45, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.45 over 3. The 5-year figure is 0.35, and annualized covariance runs at 3859.2 %².
Among the 26 assets we track against JOBY, RCAT ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RCAT ahead by 53.8 points (-50.4% versus +3.4%). Note the risk asymmetry: RCAT runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RCAT: side by side
| JOBY (Joby Aviation, Inc.) | RCAT (Red Cat Holdings, Inc.) | |
|---|---|---|
| 1-year return | -50.4% | +3.4% |
| 5-year return | -43.1% | +239.9% |
| Volatility (ann.) | 70.2% | 121.3% |
| Beta vs S&P 500 | 2.37 | 1.43 |
| Max drawdown (3Y) | -67.4% | -67.2% |
| Market cap | $7.1B | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOBY | RCAT |
|---|---|---|
| 2022 | -54.1% | -54.8% |
| 2023 | +98.5% | -6.4% |
| 2024 | +22.3% | +1360.2% |
| 2025 | +62.4% | -38.3% |
| 2026 | -45.8% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOBY and RCAT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JOBY and RCAT?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.44 over the last year and 0.35 over 5 years.
Is RCAT a good diversifier for JOBY?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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 · RCAT correlations
