SAR vs SPRB: Correlation
How closely do Saratoga Investment Corp New (SAR) and Spruce Biosciences, Inc. (SPRB) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAR and SPRB?
On 3 years of weekly data the SAR/SPRB correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. The 5-year figure is -0.19, and annualized covariance runs at -6801.4 %².
Out of 11 assets tracked against SAR, SPRB lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months SPRB outperformed by 763.5 percentage points (-17.2% for SAR against +746.3% for SPRB). Risk is not evenly split, since SPRB carries 47.9 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.
SAR vs SPRB: side by side
| SAR (Saratoga Investment Corp New) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -17.2% | +746.3% |
| 5-year return | +15.2% | -99.8% |
| Volatility (ann.) | 22.7% | 1086.4% |
| Beta vs S&P 500 | 0.53 | -7.82 |
| Max drawdown (3Y) | -24.5% | -100.0% |
| Market cap | $0.3B | $0.2B |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 16.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAR | SPRB |
|---|---|---|
| 2022 | -3.8% | -75.4% |
| 2023 | +12.9% | +167.1% |
| 2024 | +6.1% | -85.7% |
| 2025 | +10.4% | -96.3% |
| 2026 | -13.2% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAR and SPRB good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SAR and SPRB?
As of 2026-08-27, the correlation of weekly returns between SAR and SPRB is -0.28 over 3 years, -0.37 over 1 year and -0.19 over 5 years.
Is SPRB a good diversifier for SAR?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/sar-vs-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/sar-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SAR correlations · SPRB correlations
