SPRB vs TMQ: Correlation
Measured on weekly returns over the past three years, Spruce Biosciences, Inc. (SPRB) and Trilogy Metals Inc. (TMQ) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPRB and TMQ?
Over the past 3 years, SPRB and TMQ moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The past 12 months show a tighter link (0.94) than the 3-year average (0.81). Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 116123.6 %².
TMQ is one of the assets that tracks SPRB most closely: it ranks #1 out of the 67 assets we track against SPRB. The last year tells two different stories: SPRB led by 620.0 percentage points, +746.3% for SPRB against +126.3% for TMQ. Note the risk asymmetry: SPRB runs 8.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SPRB vs TMQ: side by side
| SPRB (Spruce Biosciences, Inc.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +746.3% | +126.3% |
| 5-year return | -99.8% | +85.3% |
| Volatility (ann.) | 1086.4% | 131.6% |
| Beta vs S&P 500 | -7.82 | 0.28 |
| Max drawdown (3Y) | -100.0% | -72.5% |
| Market cap | $0.2B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SPRB | TMQ |
|---|---|---|
| 2022 | -75.4% | -66.7% |
| 2023 | +167.1% | -21.8% |
| 2024 | -85.7% | +169.8% |
| 2025 | -96.3% | +271.6% |
| 2026 | -27.3% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPRB and TMQ good diversifiers for each other?
No: a correlation of 0.81 means SPRB and TMQ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between SPRB and TMQ?
As of 2026-08-27, the correlation of weekly returns between SPRB and TMQ is 0.81 over 3 years, 0.94 over 1 year and 0.76 over 5 years.
Is TMQ a good diversifier for SPRB?
No: a correlation of 0.81 means SPRB and TMQ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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
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Related comparisons
Hubs: SPRB correlations · TMQ correlations
