ONMD vs SPRB: Correlation
Measured on weekly returns over the past three years, OneMedNet Corp (ONMD) and Spruce Biosciences, Inc. (SPRB) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONMD and SPRB?
Across a 3-year window, the weekly returns of ONMD and SPRB correlate at 0.40, moderate. The past 12 months show a tighter link (0.86) than the 3-year average (0.40). Stretching to 5 years gives 0.39, with an annualized covariance of 127110.1 %².
SPRB is one of the assets that tracks ONMD most closely: it ranks #2 out of the 10 assets we track against ONMD. The last year tells two different stories: SPRB led by 774.6 percentage points, -28.3% for ONMD against +746.3% for SPRB. One caveat on sizing: SPRB is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ONMD vs SPRB: side by side
| ONMD (OneMedNet Corp) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -28.3% | +746.3% |
| 5-year return | -94.1% | -99.8% |
| Volatility (ann.) | 295.9% | 1086.4% |
| Beta vs S&P 500 | -0.51 | -7.82 |
| Max drawdown (3Y) | -97.2% | -100.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONMD | SPRB |
|---|---|---|
| 2022 | +3.4% | -75.4% |
| 2023 | -92.2% | +167.1% |
| 2024 | +67.9% | -85.7% |
| 2025 | -19.1% | -96.3% |
| 2026 | -46.8% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONMD and SPRB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONMD and SPRB?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.86 over the last year and 0.39 over 5 years.
Is SPRB a good diversifier for ONMD?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 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/onmd-vs-sprb.json
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Related comparisons
Hubs: ONMD correlations · SPRB correlations
