ALLR vs ELVA: Correlation
How closely do Allarity Therapeutics, Inc. (ALLR) and Electrovaya Inc. (ELVA) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALLR and ELVA?
On 3 years of weekly data the ALLR/ELVA correlation comes out at 0.33, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.33 over 3. The 5-year figure is 0.13, and annualized covariance runs at 2275.3 %².
In ALLR's tracked universe of 10 assets, ELVA sits right near the top at #3. Correlation aside, the last 12 months split them widely, with ELVA ahead by 37.3 points (-13.2% versus +24.1%). Note the risk asymmetry: ALLR runs 1.7 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.
ALLR vs ELVA: side by side
| ALLR (Allarity Therapeutics, Inc.) | ELVA (Electrovaya Inc.) | |
|---|---|---|
| 1-year return | -13.2% | +24.1% |
| 5-year return | -100.0% | +107.3% |
| Volatility (ann.) | 107.8% | 63.2% |
| Beta vs S&P 500 | 1.25 | 1.17 |
| Max drawdown (3Y) | -99.9% | -56.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 68.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALLR | ELVA |
|---|---|---|
| 2022 | -97.2% | +2.8% |
| 2023 | -99.9% | -17.3% |
| 2024 | -99.6% | -19.0% |
| 2025 | -7.7% | +218.5% |
| 2026 | +27.8% | -13.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALLR and ELVA good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALLR and ELVA?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.38 over the last year and 0.13 over 5 years.
Is ELVA a good diversifier for ALLR?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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/allr-vs-elva.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/allr-vs-elva/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALLR correlations · ELVA correlations
