STE vs VELO: Correlation
Measured on weekly returns over the past three years, Steris (STE) and Velo3D, Inc. (VELO) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are STE and VELO?
Over the past 3 years, STE and VELO moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -1035.2 %².
Within STE's tracked universe of 33 assets, VELO comes in at #26 by 3-year correlation. The last year tells two different stories: VELO led by 187.6 percentage points, -5.7% for STE against +181.9% for VELO. Note the risk asymmetry: VELO runs 11.2 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.
STE vs VELO: side by side
| STE (Steris) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | -5.7% | +181.9% |
| 5-year return | +13.6% | -99.8% |
| Volatility (ann.) | 22.3% | 249.0% |
| Beta vs S&P 500 | 0.43 | -2.66 |
| Max drawdown (3Y) | -25.4% | -99.8% |
| Market cap | $22.7B | $0.4B |
| P/E (trailing) | 28.5 | – |
| Dividend yield | 1.06% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | STE | VELO |
|---|---|---|
| 2022 | -23.4% | -77.1% |
| 2023 | +20.2% | -77.8% |
| 2024 | -5.6% | -95.2% |
| 2025 | +24.3% | +35.7% |
| 2026 | -7.6% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are STE and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between STE and VELO?
As of 2026-08-27, the correlation of weekly returns between STE and VELO is -0.19 over 3 years, -0.26 over 1 year and -0.07 over 5 years.
Is VELO a good diversifier for STE?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/ste-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ste-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: STE correlations · VELO correlations
