AKBA vs ELUT: Correlation
Measured on weekly returns over the past three years, Akebia Therapeutics, Inc. (AKBA) and Elutia, Inc. (ELUT) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AKBA and ELUT?
Across a 3-year window, the weekly returns of AKBA and ELUT correlate at 0.26, weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.26). Stretching to 5 years gives 0.11, with an annualized covariance of 1581.8 %².
By 3-year correlation, ELUT places #7 of the 12 assets tracked against AKBA. On 12-month performance ELUT holds a 8.6-point edge, -68.8% against -60.2%.
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.
AKBA vs ELUT: side by side
| AKBA (Akebia Therapeutics, Inc.) | ELUT (Elutia, Inc.) | |
|---|---|---|
| 1-year return | -68.8% | -60.2% |
| 5-year return | -66.7% | -89.2% |
| Volatility (ann.) | 75.3% | 81.4% |
| Beta vs S&P 500 | 1.02 | 0.14 |
| Max drawdown (3Y) | -79.0% | -89.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AKBA | ELUT |
|---|---|---|
| 2022 | -74.5% | -32.5% |
| 2023 | +114.9% | -49.2% |
| 2024 | +53.2% | +73.1% |
| 2025 | -15.3% | -81.5% |
| 2026 | -41.6% | +27.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AKBA and ELUT good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AKBA and ELUT?
As of 2026-08-27, the correlation of weekly returns between AKBA and ELUT is 0.26 over 3 years, 0.07 over 1 year and 0.11 over 5 years.
Is ELUT a good diversifier for AKBA?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/akba-vs-elut.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/akba-vs-elut/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AKBA correlations · ELUT correlations
