NUWE vs OPAD: Correlation
Nuwellis, Inc. (NUWE) and Offerpad Solutions Inc. (OPAD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUWE and OPAD?
On 3 years of weekly data the NUWE/OPAD correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.53) runs below the 3-year figure (-0.24). The 5-year figure is -0.19, and annualized covariance runs at -14959.8 %².
Among the 12 assets we track against NUWE, OPAD sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months OPAD outperformed by 132.8 percentage points (-99.5% for NUWE against +33.3% for OPAD). Note the risk asymmetry: OPAD runs 3.1 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.
NUWE vs OPAD: side by side
| NUWE (Nuwellis, Inc.) | OPAD (Offerpad Solutions Inc.) | |
|---|---|---|
| 1-year return | -99.5% | +33.3% |
| 5-year return | -100.0% | -96.7% |
| Volatility (ann.) | 141.6% | 440.7% |
| Beta vs S&P 500 | 1.66 | -1.25 |
| Max drawdown (3Y) | -100.0% | -95.6% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUWE | OPAD |
|---|---|---|
| 2022 | -90.6% | -92.8% |
| 2023 | -94.6% | +48.2% |
| 2024 | -94.5% | -72.2% |
| 2025 | -96.3% | -57.5% |
| 2026 | -98.4% | +270.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUWE and OPAD good diversifiers for each other?
Yes. With a correlation of -0.24, NUWE and OPAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NUWE and OPAD?
The NUWE/OPAD correlation stands at -0.24 on a 3-year window (1 year: -0.53, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is OPAD a good diversifier for NUWE?
Yes. With a correlation of -0.24, NUWE and OPAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/nuwe-vs-opad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuwe-vs-opad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NUWE correlations · OPAD correlations
