NUWE vs OPEN: Correlation
How closely do Nuwellis, Inc. (NUWE) and Opendoor Technologies Inc (OPEN) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUWE and OPEN?
Across a 3-year window, the weekly returns of NUWE and OPEN correlate at 0.39, moderate. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.39). Stretching to 5 years gives 0.34, with an annualized covariance of 8044.3 %².
Few assets follow NUWE as closely as OPEN, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with OPEN ahead by 83.6 points (-99.5% versus -15.9%).
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 OPEN: side by side
| NUWE (Nuwellis, Inc.) | OPEN (Opendoor Technologies Inc) | |
|---|---|---|
| 1-year return | -99.5% | -15.9% |
| 5-year return | -100.0% | -80.8% |
| Volatility (ann.) | 141.6% | 145.6% |
| Beta vs S&P 500 | 1.66 | 2.46 |
| Max drawdown (3Y) | -100.0% | -89.2% |
| Market cap | – | $3.3B |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NUWE | OPEN |
|---|---|---|
| 2022 | -90.6% | -92.1% |
| 2023 | -94.6% | +286.2% |
| 2024 | -94.5% | -64.3% |
| 2025 | -96.3% | +264.4% |
| 2026 | -98.4% | -42.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUWE and OPEN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NUWE and OPEN?
The NUWE/OPEN correlation stands at 0.39 on a 3-year window (1 year: 0.06, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is OPEN a good diversifier for NUWE?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nuwe-vs-open.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nuwe-vs-open/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NUWE correlations · OPEN correlations
