ARKK vs EVLV: Correlation
How closely do ARK Innovation ETF (ARKK) and Evolv Technologies Holdings, Inc. (EVLV) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and EVLV?
Over the past 3 years, ARKK and EVLV moved with a correlation of 0.49, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 1507.2 %².
By 3-year correlation, EVLV places #69 of the 122 assets tracked against ARKK. Their recent paths diverged sharply: over the last 12 months ARKK outperformed by 52.2 percentage points (+15.7% for ARKK against -36.5% for EVLV). Note the risk asymmetry: EVLV runs 2.0 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.
ARKK vs EVLV: side by side
| ARKK (ARK Innovation ETF) | EVLV (Evolv Technologies Holdings, Inc.) | |
|---|---|---|
| 1-year return | +15.7% | -36.5% |
| 5-year return | -27.7% | -34.1% |
| Volatility (ann.) | 38.8% | 78.6% |
| Beta vs S&P 500 | 2.07 | 2.05 |
| Max drawdown (3Y) | -39.6% | -69.2% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | EVLV |
|---|---|---|
| 2022 | -67.0% | -41.9% |
| 2023 | +69.0% | +82.2% |
| 2024 | +8.4% | -16.3% |
| 2025 | +35.5% | +81.3% |
| 2026 | +13.6% | -25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and EVLV good diversifiers for each other?
Reasonably. At 0.49, ARKK and EVLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ARKK and EVLV?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is EVLV a good diversifier for ARKK?
Reasonably. At 0.49, ARKK and EVLV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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/arkk-vs-evlv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/arkk-vs-evlv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARKK correlations · EVLV correlations
