NVNO vs STEM: Correlation
How closely do enVVeno Medical Corporation (NVNO) and Stem, Inc. (STEM) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVNO and STEM?
Across a 3-year window, the weekly returns of NVNO and STEM correlate at 0.30, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.30 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 3323.9 %².
Among the 13 assets we track against NVNO, STEM ranks #4 by 3-year correlation. Twelve-month performance is nearly a tie, at -64.5% for NVNO and -64.9% for STEM. Note the risk asymmetry: STEM 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.
NVNO vs STEM: side by side
| NVNO (enVVeno Medical Corporation) | STEM (Stem, Inc.) | |
|---|---|---|
| 1-year return | -64.5% | -64.9% |
| 5-year return | -95.8% | -98.9% |
| Volatility (ann.) | 85.0% | 129.9% |
| Beta vs S&P 500 | 1.44 | 2.49 |
| Max drawdown (3Y) | -96.3% | -95.5% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVNO | STEM |
|---|---|---|
| 2022 | -22.6% | -52.9% |
| 2023 | +0.8% | -56.6% |
| 2024 | -41.2% | -84.5% |
| 2025 | -89.4% | +24.8% |
| 2026 | +0.0% | -62.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVNO and STEM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NVNO and STEM?
The NVNO/STEM correlation stands at 0.30 on a 3-year window (1 year: 0.47, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is STEM a good diversifier for NVNO?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 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.
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Related comparisons
Hubs: NVNO correlations · STEM correlations
