GWH vs. NVX

Last updated Apr 1, 2026

Compare and contrast key facts about ESS Tech, Inc. (GWH) and Novonix Ltd ADR (NVX).

Performance

GWH vs. NVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ESS Tech, Inc. (GWH) and Novonix Ltd ADR (NVX). The values are adjusted to include any dividend payments, if applicable.

GWH vs. NVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GWH ESS Tech, Inc.	-37.77%	-68.03%	-65.61%	-53.09%	-54.06%
NVX Novonix Ltd ADR	-31.68%	-43.89%	-7.22%	-52.68%	-81.57%

Fundamentals

Market Cap GWH : $23.32M NVX : $120.44M
EPS GWH : -$2.55 NVX : -$1.23
PS Ratio GWH : 11.42 NVX : 8.89
PB Ratio GWH : 2.71 NVX : 0.51
Total Revenue (TTM) GWH : $1.58M NVX : $12.86M
Gross Profit (TTM) GWH : -$27.67M NVX : -$38.67M
EBITDA (TTM) GWH : -$52.94M NVX : -$117.70M

Returns By Period

In the year-to-date period, GWH achieves a -37.77% return, which is significantly lower than NVX's -31.68% return.

GWH

• 1D: 5.41%
• 1M: -26.42%
• YTD: -37.77%
• 6M: -23.03%
• 1Y: -64.11%
• 3Y*: -61.72%
• 5Y*: -61.97%
• 10Y*: —

NVX

• 1D: 5.34%
• 1M: -27.37%
• YTD: -31.68%
• 6M: -46.09%
• 1Y: -39.47%
• 3Y*: -42.34%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

GWH vs. NVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GWH

GWH Risk / Return Rank: 37
GWH Sharpe Ratio Rank: 29
GWH Sortino Ratio Rank: 60
GWH Omega Ratio Rank: 56
GWH Calmar Ratio Rank: 15
GWH Martin Ratio Rank: 22

NVX

NVX Risk / Return Rank: 27
NVX Sharpe Ratio Rank: 24
NVX Sortino Ratio Rank: 31
NVX Omega Ratio Rank: 30
NVX Calmar Ratio Rank: 24
NVX Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GWH vs. NVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ESS Tech, Inc. (GWH) and Novonix Ltd ADR (NVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GWH	NVX	Difference
Sharpe ratio Return per unit of total volatility	-0.26	-0.38	+0.12
Sortino ratio Return per unit of downside risk	1.19	0.03	+1.15
Omega ratio Gain probability vs. loss probability	1.14	1.00	+0.14
Calmar ratio Return relative to maximum drawdown	-0.74	-0.51	-0.23
Martin ratio Return relative to average drawdown	-1.05	-0.88	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWH vs. NVX - Sharpe Ratio Comparison

The current GWH Sharpe Ratio is -0.26, which is higher than the NVX Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of GWH and NVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GWH	NVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.26	-0.38	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.41	-0.61	+0.21

Correlation

The correlation between GWH and NVX is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GWH vs. NVX - Dividend Comparison

Neither GWH nor NVX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GWH vs. NVX - Drawdown Comparison

The maximum GWH drawdown since its inception was -99.77%, roughly equal to the maximum NVX drawdown of -97.06%. Use the drawdown chart below to compare losses from any high point for GWH and NVX.

Drawdown Indicators

	GWH	NVX	Difference
Max Drawdown Largest peak-to-trough decline	-99.77%	-97.06%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-87.73%	-77.72%	-10.01%
Max Drawdown (5Y) Largest decline over 5 years	-99.77%	—	—
Current Drawdown Current decline from peak	-99.67%	-96.90%	-2.77%
Average Drawdown Average peak-to-trough decline	-78.12%	-83.54%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.98%	45.31%	+16.67%

Volatility

GWH vs. NVX - Volatility Comparison

The current volatility for ESS Tech, Inc. (GWH) is 17.59%, while Novonix Ltd ADR (NVX) has a volatility of 26.60%. This indicates that GWH experiences smaller price fluctuations and is considered to be less risky than NVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWH	NVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.59%	26.60%	-9.01%
Volatility (6M) Calculated over the trailing 6-month period	147.85%	79.36%	+68.49%
Volatility (1Y) Calculated over the trailing 1-year period	251.40%	104.29%	+147.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	151.86%	92.63%	+59.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	148.39%	92.63%	+55.76%

Financials