CARR vs CELC: Correlation
Measured on weekly returns over the past three years, Carrier Global (CARR) and Celcuity Inc. (CELC) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and CELC?
Over the past 3 years, CARR and CELC moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.22 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -913.3 %².
CELC is close to the least connected end of CARR's tracked universe, ranking #26 of 29. Their recent paths diverged sharply: over the last 12 months CELC outperformed by 98.2 percentage points (-11.6% for CARR against +86.6% for CELC). Note the risk asymmetry: CELC runs 3.8 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.
CARR vs CELC: side by side
| CARR (Carrier Global) | CELC (Celcuity Inc.) | |
|---|---|---|
| 1-year return | -11.6% | +86.6% |
| 5-year return | +8.8% | +324.8% |
| Volatility (ann.) | 32.6% | 124.5% |
| Beta vs S&P 500 | 1.21 | 0.76 |
| Max drawdown (3Y) | -38.1% | -62.0% |
| Market cap | $48.5B | $4.6B |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CARR | CELC |
|---|---|---|
| 2022 | -22.7% | +6.2% |
| 2023 | +41.5% | +4.0% |
| 2024 | +20.3% | -10.2% |
| 2025 | -21.8% | +662.0% |
| 2026 | +12.6% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and CELC good diversifiers for each other?
Yes. With a correlation of -0.22, CARR and CELC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CARR and CELC?
The CARR/CELC correlation stands at -0.22 on a 3-year window (1 year: -0.04, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is CELC a good diversifier for CARR?
Yes. With a correlation of -0.22, CARR and CELC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/carr-vs-celc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/carr-vs-celc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARR correlations · CELC correlations
