KWEB vs SPRB: Correlation
Measured on weekly returns over the past three years, KraneShares CSI China Internet ETF (KWEB) and Spruce Biosciences, Inc. (SPRB) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWEB and SPRB?
On 3 years of weekly data the KWEB/SPRB correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.17). The 5-year figure is -0.09, and annualized covariance runs at -6152.8 %².
Within KWEB's tracked universe of 40 assets, SPRB comes in at #34 by 3-year correlation. The last year tells two different stories: SPRB led by 772.4 percentage points, -26.1% for KWEB against +746.3% for SPRB. One caveat on sizing: SPRB is 32.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
KWEB vs SPRB: side by side
| KWEB (KraneShares CSI China Internet ETF) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -26.1% | +746.3% |
| 5-year return | -36.2% | -99.8% |
| Volatility (ann.) | 33.9% | 1086.4% |
| Beta vs S&P 500 | 0.90 | -7.82 |
| Max drawdown (3Y) | -41.6% | -100.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | KWEB | SPRB |
|---|---|---|
| 2022 | -17.2% | -75.4% |
| 2023 | -9.1% | +167.1% |
| 2024 | +12.0% | -85.7% |
| 2025 | +23.5% | -96.3% |
| 2026 | -23.3% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and SPRB good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between KWEB and SPRB?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.36 over the last year and -0.09 over 5 years.
Is SPRB a good diversifier for KWEB?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/kweb-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kweb-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KWEB correlations · SPRB correlations
