NVX vs SPRB: Correlation
How closely do NOVONIX Limited - American Depository Shares (NVX) and Spruce Biosciences, Inc. (SPRB) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVX and SPRB?
Over the past 3 years, NVX and SPRB moved with a correlation of 0.50, which is moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.50). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 51787.8 %².
Few assets follow NVX as closely as SPRB, which ranks #1 of 15 tracked partners. The last year tells two different stories: SPRB led by 821.7 percentage points, -75.4% for NVX against +746.3% for SPRB. Risk is not evenly split, since SPRB carries 11.3 times the volatility of the other side.
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.
NVX vs SPRB: side by side
| NVX (NOVONIX Limited - American Depository Shares) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -75.4% | +746.3% |
| 5-year return | -98.4% | -99.8% |
| Volatility (ann.) | 96.1% | 1086.4% |
| Beta vs S&P 500 | 1.02 | -7.82 |
| Max drawdown (3Y) | -88.4% | -100.0% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVX | SPRB |
|---|---|---|
| 2022 | – | -75.4% |
| 2023 | -52.7% | +167.1% |
| 2024 | -7.2% | -85.7% |
| 2025 | -43.9% | -96.3% |
| 2026 | -64.3% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVX and SPRB good diversifiers for each other?
Only partially. A correlation of 0.50 means NVX and SPRB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NVX and SPRB?
As of 2026-08-27, the correlation of weekly returns between NVX and SPRB is 0.50 over 3 years, 0.68 over 1 year and 0.43 over 5 years.
Is SPRB a good diversifier for NVX?
Only partially. A correlation of 0.50 means NVX and SPRB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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/nvx-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nvx-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVX correlations · SPRB correlations
