ASG vs EVLV: Correlation
How closely do Liberty All-Star Growth Fund, Inc. (ASG) and Evolv Technologies Holdings, Inc. (EVLV) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and EVLV?
On 3 years of weekly data the ASG/EVLV correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.47). The 5-year figure is 0.35, and annualized covariance runs at 679.0 %².
By 3-year correlation, EVLV places #43 of the 52 assets tracked against ASG. Their recent paths diverged sharply: over the last 12 months ASG outperformed by 39.8 percentage points (+3.3% for ASG against -36.5% for EVLV). Risk is not evenly split, since EVLV carries 4.3 times the volatility of the other side.
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.
ASG vs EVLV: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | EVLV (Evolv Technologies Holdings, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | -36.5% |
| 5-year return | -5.6% | -34.1% |
| Volatility (ann.) | 18.3% | 78.6% |
| Beta vs S&P 500 | 1.12 | 2.05 |
| Max drawdown (3Y) | -25.3% | -69.2% |
| Market cap | $0.3B | $1.0B |
| P/E (trailing) | 23.9 | – |
| Dividend yield | 8.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASG | EVLV |
|---|---|---|
| 2022 | -40.9% | -41.9% |
| 2023 | +16.2% | +82.2% |
| 2024 | +16.8% | -16.3% |
| 2025 | +2.2% | +81.3% |
| 2026 | +6.0% | -25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and EVLV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASG and EVLV?
As of 2026-08-27, the correlation of weekly returns between ASG and EVLV is 0.47 over 3 years, 0.35 over 1 year and 0.35 over 5 years.
Is EVLV a good diversifier for ASG?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asg-vs-evlv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asg-vs-evlv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASG correlations · EVLV correlations
