JOBY vs SMR: Correlation
How closely do Joby Aviation, Inc. (JOBY) and NuScale Power Corporation (SMR) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOBY and SMR?
On 3 years of weekly data the JOBY/SMR correlation comes out at 0.49, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.49). The 5-year figure is 0.39, and annualized covariance runs at 4141.5 %².
Among the 26 assets we track against JOBY, SMR ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JOBY outperformed by 21.9 percentage points (-50.4% for JOBY against -72.3% for SMR). Risk is not evenly split, since SMR carries 1.7 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.
JOBY vs SMR: side by side
| JOBY (Joby Aviation, Inc.) | SMR (NuScale Power Corporation) | |
|---|---|---|
| 1-year return | -50.4% | -72.3% |
| 5-year return | -43.1% | -3.2% |
| Volatility (ann.) | 70.2% | 119.8% |
| Beta vs S&P 500 | 2.37 | 3.28 |
| Max drawdown (3Y) | -67.4% | -85.8% |
| Market cap | $7.1B | $4.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOBY | SMR |
|---|---|---|
| 2022 | -54.1% | – |
| 2023 | +98.5% | -67.9% |
| 2024 | +22.3% | +445.0% |
| 2025 | +62.4% | -21.0% |
| 2026 | -45.8% | -31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOBY and SMR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JOBY and SMR?
As of 2026-08-27, the correlation of weekly returns between JOBY and SMR is 0.49 over 3 years, 0.69 over 1 year and 0.39 over 5 years.
Is SMR a good diversifier for JOBY?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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 · SMR correlations
