SCWO vs TMQ: Correlation
How closely do 374Water Inc. (SCWO) and Trilogy Metals Inc. (TMQ) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCWO and TMQ?
Across a 3-year window, the weekly returns of SCWO and TMQ correlate at 0.49, moderate. The past 12 months show a tighter link (0.76) than the 3-year average (0.49). Stretching to 5 years gives 0.40, with an annualized covariance of 7564.5 %².
Few assets follow SCWO as closely as TMQ, which ranks #2 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months TMQ outperformed by 137.0 percentage points (-10.7% for SCWO against +126.3% for TMQ).
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 TMQ: side by side
| SCWO (374Water Inc.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | -10.7% | +126.3% |
| 5-year return | -85.7% | +85.3% |
| Volatility (ann.) | 118.3% | 131.6% |
| Beta vs S&P 500 | 0.98 | 0.28 |
| Max drawdown (3Y) | -90.9% | -72.5% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SCWO | TMQ |
|---|---|---|
| 2022 | +0.4% | -66.7% |
| 2023 | -50.3% | -21.8% |
| 2024 | -52.1% | +169.8% |
| 2025 | -70.0% | +271.6% |
| 2026 | +31.4% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCWO and TMQ good diversifiers for each other?
Reasonably. At 0.49, SCWO and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SCWO and TMQ?
As of 2026-08-27, the correlation of weekly returns between SCWO and TMQ is 0.49 over 3 years, 0.76 over 1 year and 0.40 over 5 years.
Is TMQ a good diversifier for SCWO?
Reasonably. At 0.49, SCWO and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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/scwo-vs-tmq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/scwo-vs-tmq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SCWO correlations · TMQ correlations
