CBIO vs ELDN: Correlation
Crescent Biopharma, Inc. (CBIO) and Eledon Pharmaceuticals, Inc. (ELDN) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBIO and ELDN?
Over the past 3 years, CBIO and ELDN moved with a correlation of 0.38, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.38 over 3 years. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 3708.9 %².
Within CBIO's tracked universe of 16 assets, ELDN comes in at #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.6% for CBIO and +28.7% for ELDN.
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.
CBIO vs ELDN: side by side
| CBIO (Crescent Biopharma, Inc.) | ELDN (Eledon Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +24.6% | +28.7% |
| 5-year return | -107.8% | -58.7% |
| Volatility (ann.) | 117.9% | 82.7% |
| Beta vs S&P 500 | 1.30 | 1.13 |
| Max drawdown (3Y) | -97.4% | -73.8% |
| Market cap | $0.7B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBIO | ELDN |
|---|---|---|
| 2022 | -275.3% | -48.3% |
| 2023 | -15.0% | -21.1% |
| 2024 | -89.4% | +128.9% |
| 2025 | -52.6% | -63.3% |
| 2026 | +49.7% | +119.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBIO and ELDN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBIO and ELDN?
As of 2026-08-27, the correlation of weekly returns between CBIO and ELDN is 0.38 over 3 years, 0.20 over 1 year and 0.31 over 5 years.
Is ELDN a good diversifier for CBIO?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/cbio-vs-eldn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cbio-vs-eldn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBIO correlations · ELDN correlations
