CCO vs ESLA: Correlation
Clear Channel Outdoor Holdings, Inc. (CCO) and Estrella Immunopharma, Inc. (ESLA) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and ESLA?
Over the past 3 years, CCO and ESLA moved with a correlation of 0.34, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 2002.3 %².
ESLA is close to the least connected end of CCO's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with CCO ahead by 111.4 points (+88.2% versus -23.2%). Risk is not evenly split, since ESLA carries 2.5 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.
CCO vs ESLA: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | ESLA (Estrella Immunopharma, Inc.) | |
|---|---|---|
| 1-year return | +88.2% | -23.2% |
| 5-year return | -6.3% | -92.6% |
| Volatility (ann.) | 48.4% | 120.6% |
| Beta vs S&P 500 | 1.25 | 1.20 |
| Max drawdown (3Y) | -57.1% | -96.7% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCO | ESLA |
|---|---|---|
| 2022 | -68.3% | +3.8% |
| 2023 | +73.3% | -89.2% |
| 2024 | -24.7% | +8.1% |
| 2025 | +61.3% | +30.0% |
| 2026 | +8.1% | -53.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and ESLA good diversifiers for each other?
Reasonably. At 0.34, CCO and ESLA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCO and ESLA?
The CCO/ESLA correlation stands at 0.34 on a 3-year window (1 year: 0.39, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is ESLA a good diversifier for CCO?
Reasonably. At 0.34, CCO and ESLA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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/cco-vs-esla.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cco-vs-esla/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CCO correlations · ESLA correlations
