CLNN vs DFLI: Correlation
Measured on weekly returns over the past three years, Clene Inc. (CLNN) and Dragonfly Energy Holdings Corp (DFLI) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLNN and DFLI?
Across a 3-year window, the weekly returns of CLNN and DFLI correlate at 0.36, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.36 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 8375.8 %².
In CLNN's tracked universe of 11 assets, DFLI sits right near the top at #2. The last year tells two different stories: CLNN led by 47.9 percentage points, -16.9% for CLNN against -64.8% for DFLI. Note the risk asymmetry: DFLI runs 1.9 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.
CLNN vs DFLI: side by side
| CLNN (Clene Inc.) | DFLI (Dragonfly Energy Holdings Corp) | |
|---|---|---|
| 1-year return | -16.9% | -64.8% |
| 5-year return | -97.1% | -99.9% |
| Volatility (ann.) | 111.8% | 208.7% |
| Beta vs S&P 500 | 1.72 | 1.72 |
| Max drawdown (3Y) | -84.4% | -99.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLNN | DFLI |
|---|---|---|
| 2022 | -75.6% | +19.4% |
| 2023 | -70.0% | -95.4% |
| 2024 | -11.5% | -43.0% |
| 2025 | +10.5% | -89.0% |
| 2026 | -23.9% | -62.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLNN and DFLI good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLNN and DFLI?
As of 2026-08-27, the correlation of weekly returns between CLNN and DFLI is 0.36 over 3 years, 0.63 over 1 year and 0.26 over 5 years.
Is DFLI a good diversifier for CLNN?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/clnn-vs-dfli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clnn-vs-dfli/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLNN correlations · DFLI correlations
