NVX vs. GWH

Last updated Apr 2, 2026

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

Performance

NVX vs. GWH - Performance Comparison

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

NVX vs. GWH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NVX Novonix Ltd ADR	-29.70%	-43.89%	-7.22%	-52.68%	-81.57%
GWH ESS Tech, Inc.	-37.23%	-68.03%	-65.61%	-53.09%	-54.06%

Fundamentals

Market Cap NVX : $123.93M GWH : $23.52M
EPS NVX : -$1.23 GWH : -$2.55
PS Ratio NVX : 9.15 GWH : 11.52
PB Ratio NVX : 0.53 GWH : 2.73
Total Revenue (TTM) NVX : $12.86M GWH : $1.58M
Gross Profit (TTM) NVX : -$38.67M GWH : -$27.67M
EBITDA (TTM) NVX : -$117.70M GWH : -$52.94M

Returns By Period

In the year-to-date period, NVX achieves a -29.70% return, which is significantly higher than GWH's -37.23% return.

NVX

• 1D: 2.90%
• 1M: -25.42%
• YTD: -29.70%
• 6M: -43.65%
• 1Y: -35.45%
• 3Y*: -41.79%
• 5Y*: —
• 10Y*: —

GWH

• 1D: 0.85%
• 1M: -26.71%
• YTD: -37.23%
• 6M: -23.87%
• 1Y: -58.60%
• 3Y*: -61.61%
• 5Y*: -61.90%
• 10Y*: —

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

Return for Risk

NVX vs. GWH — Risk / Return Rank

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

NVX

NVX Risk / Return Rank: 28
NVX Sharpe Ratio Rank: 25
NVX Sortino Ratio Rank: 32
NVX Omega Ratio Rank: 31
NVX Calmar Ratio Rank: 24
NVX Martin Ratio Rank: 26

GWH

GWH Risk / Return Rank: 37
GWH Sharpe Ratio Rank: 29
GWH Sortino Ratio Rank: 63
GWH Omega Ratio Rank: 59
GWH Calmar Ratio Rank: 15
GWH Martin Ratio Rank: 21

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.

NVX vs. GWH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novonix Ltd ADR (NVX) and ESS Tech, Inc. (GWH). 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.

	NVX	GWH	Difference
Sharpe ratio Return per unit of total volatility	-0.34	-0.23	-0.11
Sortino ratio Return per unit of downside risk	0.13	1.33	-1.20
Omega ratio Gain probability vs. loss probability	1.01	1.16	-0.14
Calmar ratio Return relative to maximum drawdown	-0.49	-0.73	+0.24
Martin ratio Return relative to average drawdown	-0.83	-1.07	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVX vs. GWH - Sharpe Ratio Comparison

The current NVX Sharpe Ratio is -0.34, which is lower than the GWH Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of NVX and GWH, 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

	NVX	GWH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.34	-0.23	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-0.41	-0.20

Correlation

The correlation between NVX and GWH 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

NVX vs. GWH - Dividend Comparison

Neither NVX nor GWH has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NVX vs. GWH - Drawdown Comparison

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

Drawdown Indicators

	NVX	GWH	Difference
Max Drawdown Largest peak-to-trough decline	-97.06%	-99.77%	+2.71%
Max Drawdown (1Y) Largest decline over 1 year	-77.72%	-87.73%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.77%	—
Current Drawdown Current decline from peak	-96.81%	-99.67%	+2.86%
Average Drawdown Average peak-to-trough decline	-83.56%	-78.14%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.54%	59.63%	-14.09%

Volatility

NVX vs. GWH - Volatility Comparison

Novonix Ltd ADR (NVX) has a higher volatility of 25.38% compared to ESS Tech, Inc. (GWH) at 16.95%. This indicates that NVX's price experiences larger fluctuations and is considered to be riskier than GWH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVX	GWH	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.38%	16.95%	+8.43%
Volatility (6M) Calculated over the trailing 6-month period	78.81%	147.61%	-68.80%
Volatility (1Y) Calculated over the trailing 1-year period	104.33%	251.38%	-147.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.60%	151.86%	-59.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.60%	148.33%	-55.73%

Financials