NEPH vs TW: Correlation
Nephros, Inc. (NEPH) and Tradeweb Markets Inc. (TW) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEPH and TW?
Across a 3-year window, the weekly returns of NEPH and TW correlate at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Stretching to 5 years gives -0.02, with an annualized covariance of -412.3 %².
Among the 16 assets we track against NEPH, TW sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with NEPH ahead by 20.3 points (+6.4% versus -13.9%). Note the risk asymmetry: NEPH runs 2.9 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.
NEPH vs TW: side by side
| NEPH (Nephros, Inc.) | TW (Tradeweb Markets Inc.) | |
|---|---|---|
| 1-year return | +6.4% | -13.9% |
| 5-year return | -48.4% | +24.2% |
| Volatility (ann.) | 66.5% | 23.1% |
| Beta vs S&P 500 | 0.07 | 0.39 |
| Max drawdown (3Y) | -65.2% | -38.3% |
| Market cap | – | $23.4B |
| P/E (trailing) | 25.4 | 25.6 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEPH | TW |
|---|---|---|
| 2022 | -80.3% | -34.9% |
| 2023 | +198.3% | +40.6% |
| 2024 | -57.5% | +44.6% |
| 2025 | +232.0% | -17.5% |
| 2026 | -11.7% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEPH and TW good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between NEPH and TW?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.35 over the last year and -0.02 over 5 years.
Is TW a good diversifier for NEPH?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NEPH correlations · TW correlations
