ALP vs CEV: Correlation
Alpha Compute Corp (ALP) and Eaton Vance California Municipal Income Trust Shares of (CEV) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALP and CEV?
Across a 3-year window, the weekly returns of ALP and CEV correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.01 versus -0.26 over 3 years. Stretching to 5 years gives -0.10, with an annualized covariance of -553.5 %².
Among the 10 assets we track against ALP, CEV sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months CEV outperformed by 116.6 percentage points (-97.6% for ALP against +19.0% for CEV). Note the risk asymmetry: ALP runs 17.9 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.
ALP vs CEV: side by side
| ALP (Alpha Compute Corp) | CEV (Eaton Vance California Municipal Income Trust Shares of) | |
|---|---|---|
| 1-year return | -97.6% | +19.0% |
| 5-year return | -100.0% | -1.8% |
| Volatility (ann.) | 195.0% | 10.9% |
| Beta vs S&P 500 | 1.99 | 0.23 |
| Max drawdown (3Y) | -99.8% | -12.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 10.2 |
| Dividend yield | 0.00% | 5.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALP | CEV |
|---|---|---|
| 2022 | -50.7% | -22.7% |
| 2023 | -65.6% | +8.2% |
| 2024 | -85.8% | +2.3% |
| 2025 | -88.4% | +6.2% |
| 2026 | -70.6% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALP and CEV good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALP and CEV?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.01 over the last year and -0.10 over 5 years.
Is CEV a good diversifier for ALP?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
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/alp-vs-cev.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alp-vs-cev/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALP correlations · CEV correlations
