LEDS vs NXTC: Correlation
How closely do SemiLEDS Corporation (LEDS) and NextCure, Inc. (NXTC) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEDS and NXTC?
Over the past 3 years, LEDS and NXTC moved with a correlation of 0.50, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.50 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 7305.6 %².
In LEDS's tracked universe of 11 assets, NXTC sits right near the top at #2. On 12-month performance NXTC holds a 14.3-point edge, +1.0% against +15.3%. Note the risk asymmetry: NXTC runs 1.8 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.
LEDS vs NXTC: side by side
| LEDS (SemiLEDS Corporation) | NXTC (NextCure, Inc.) | |
|---|---|---|
| 1-year return | +1.0% | +15.3% |
| 5-year return | -78.8% | -93.2% |
| Volatility (ann.) | 90.7% | 160.1% |
| Beta vs S&P 500 | 1.11 | 1.18 |
| Max drawdown (3Y) | -67.6% | -94.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEDS | NXTC |
|---|---|---|
| 2022 | -65.4% | -76.5% |
| 2023 | -13.1% | -19.1% |
| 2024 | -7.2% | -32.4% |
| 2025 | +16.3% | +53.4% |
| 2026 | +32.0% | -57.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEDS and NXTC good diversifiers for each other?
Only partially. A correlation of 0.50 means LEDS and NXTC 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 LEDS and NXTC?
The LEDS/NXTC correlation stands at 0.50 on a 3-year window (1 year: 0.71, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is NXTC a good diversifier for LEDS?
Only partially. A correlation of 0.50 means LEDS and NXTC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/leds-vs-nxtc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/leds-vs-nxtc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEDS correlations · NXTC correlations
