QS vs SLDP: Correlation
How closely do QuantumScape Corporation (QS) and Solid Power, Inc. (SLDP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QS and SLDP?
On 3 years of weekly data the QS/SLDP correlation comes out at 0.54, moderate. The past 12 months show a weaker link (0.43) than the 3-year average (0.54). The 5-year figure is 0.55, and annualized covariance runs at 4315.8 %².
Few assets follow QS as closely as SLDP, which ranks #3 of 18 tracked partners. Correlation aside, the last 12 months split them widely, with QS ahead by 19.8 points (-26.6% versus -46.4%).
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.
QS vs SLDP: side by side
| QS (QuantumScape Corporation) | SLDP (Solid Power, Inc.) | |
|---|---|---|
| 1-year return | -26.6% | -46.4% |
| 5-year return | -72.4% | -76.1% |
| Volatility (ann.) | 90.7% | 87.4% |
| Beta vs S&P 500 | 2.17 | 1.88 |
| Max drawdown (3Y) | -73.5% | -76.5% |
| Market cap | $3.6B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QS | SLDP |
|---|---|---|
| 2022 | -74.4% | -70.9% |
| 2023 | +22.6% | -42.9% |
| 2024 | -25.3% | +30.3% |
| 2025 | +100.8% | +124.9% |
| 2026 | -43.4% | -44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QS and SLDP good diversifiers for each other?
Only partially. A correlation of 0.54 means QS and SLDP 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 QS and SLDP?
The QS/SLDP correlation stands at 0.54 on a 3-year window (1 year: 0.43, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SLDP a good diversifier for QS?
Only partially. A correlation of 0.54 means QS and SLDP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qs-vs-sldp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qs-vs-sldp/)
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Related comparisons
Hubs: QS correlations · SLDP correlations
