LEDS vs ONEW: Correlation
Measured on weekly returns over the past three years, SemiLEDS Corporation (LEDS) and OneWater Marine Inc. (ONEW) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEDS and ONEW?
Over the past 3 years, LEDS and ONEW moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 1980.7 %².
Within LEDS's tracked universe of 11 assets, ONEW comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LEDS outperformed by 34.2 percentage points (+1.0% for LEDS against -33.2% for ONEW). Note the risk asymmetry: LEDS runs 1.5 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 ONEW: side by side
| LEDS (SemiLEDS Corporation) | ONEW (OneWater Marine Inc.) | |
|---|---|---|
| 1-year return | +1.0% | -33.2% |
| 5-year return | -78.8% | -71.6% |
| Volatility (ann.) | 90.7% | 59.0% |
| Beta vs S&P 500 | 1.11 | 1.72 |
| Max drawdown (3Y) | -67.6% | -76.1% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LEDS | ONEW |
|---|---|---|
| 2022 | -65.4% | -53.1% |
| 2023 | -13.1% | +18.1% |
| 2024 | -7.2% | -48.6% |
| 2025 | +16.3% | -37.7% |
| 2026 | +32.0% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEDS and ONEW good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LEDS and ONEW?
The LEDS/ONEW correlation stands at 0.37 on a 3-year window (1 year: 0.47, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is ONEW a good diversifier for LEDS?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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-onew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/leds-vs-onew/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LEDS correlations · ONEW correlations
