SCWO vs SPRB: Correlation
How closely do 374Water Inc. (SCWO) and Spruce Biosciences, Inc. (SPRB) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCWO and SPRB?
Across a 3-year window, the weekly returns of SCWO and SPRB correlate at 0.59, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.82 versus 0.59 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 75377.9 %².
Few assets follow SCWO as closely as SPRB, which ranks #1 of 11 tracked partners. The last year tells two different stories: SPRB led by 757.0 percentage points, -10.7% for SCWO against +746.3% for SPRB. One caveat on sizing: SPRB is 9.2 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.
SCWO vs SPRB: side by side
| SCWO (374Water Inc.) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | -10.7% | +746.3% |
| 5-year return | -85.7% | -99.8% |
| Volatility (ann.) | 118.3% | 1086.4% |
| Beta vs S&P 500 | 0.98 | -7.82 |
| Max drawdown (3Y) | -90.9% | -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 | SCWO | SPRB |
|---|---|---|
| 2022 | +0.4% | -75.4% |
| 2023 | -50.3% | +167.1% |
| 2024 | -52.1% | -85.7% |
| 2025 | -70.0% | -96.3% |
| 2026 | +31.4% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCWO and SPRB good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SCWO and SPRB?
As of 2026-08-27, the correlation of weekly returns between SCWO and SPRB is 0.59 over 3 years, 0.82 over 1 year and 0.51 over 5 years.
Is SPRB a good diversifier for SCWO?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 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/scwo-vs-sprb.json
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Related comparisons
Hubs: SCWO correlations · SPRB correlations
