CALY vs ELA: Correlation
How closely do Callaway Golf Company (CALY) and Envela Corporation (ELA) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and ELA?
On 3 years of weekly data the CALY/ELA correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 1213.7 %².
By 3-year correlation, ELA places #8 of the 16 assets tracked against CALY. Their recent paths diverged sharply: over the last 12 months ELA outperformed by 31.9 percentage points (+57.6% for CALY against +89.5% for ELA).
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.
CALY vs ELA: side by side
| CALY (Callaway Golf Company) | ELA (Envela Corporation) | |
|---|---|---|
| 1-year return | +57.6% | +89.5% |
| 5-year return | -45.7% | +229.3% |
| Volatility (ann.) | 55.5% | 56.3% |
| Beta vs S&P 500 | 1.11 | 0.61 |
| Max drawdown (3Y) | -68.1% | -51.8% |
| Market cap | $2.8B | $0.4B |
| P/E (trailing) | 36.8 | 16.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALY | ELA |
|---|---|---|
| 2022 | -28.0% | +29.2% |
| 2023 | -27.4% | -7.6% |
| 2024 | -45.2% | +47.7% |
| 2025 | +48.5% | +86.4% |
| 2026 | +32.3% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALY and ELA good diversifiers for each other?
Reasonably. At 0.39, CALY and ELA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CALY and ELA?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.39 over the last year and 0.36 over 5 years.
Is ELA a good diversifier for CALY?
Reasonably. At 0.39, CALY and ELA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/caly-vs-ela.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caly-vs-ela/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALY correlations · ELA correlations
