CME vs ELVA: Correlation
CME Group (CME) and Electrovaya Inc. (ELVA) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and ELVA?
On 3 years of weekly data the CME/ELVA correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. The 5-year figure is -0.05, and annualized covariance runs at -299.5 %².
Among the 47 assets we track against CME, ELVA ranks #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ELVA ahead by 16.0 points (+8.1% versus +24.1%). Note the risk asymmetry: ELVA runs 3.2 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.
CME vs ELVA: side by side
| CME (CME Group) | ELVA (Electrovaya Inc.) | |
|---|---|---|
| 1-year return | +8.1% | +24.1% |
| 5-year return | +73.9% | +107.3% |
| Volatility (ann.) | 20.0% | 63.2% |
| Beta vs S&P 500 | 0.12 | 1.17 |
| Max drawdown (3Y) | -31.1% | -56.0% |
| Market cap | $101.0B | $0.3B |
| P/E (trailing) | 23.8 | 68.4 |
| Dividend yield | 1.82% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CME | ELVA |
|---|---|---|
| 2022 | -22.9% | +2.8% |
| 2023 | +31.3% | -17.3% |
| 2024 | +15.4% | -19.0% |
| 2025 | +19.8% | +218.5% |
| 2026 | +5.9% | -13.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and ELVA good diversifiers for each other?
Yes. With a correlation of -0.24, CME and ELVA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CME and ELVA?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.21 over the last year and -0.05 over 5 years.
Is ELVA a good diversifier for CME?
Yes. With a correlation of -0.24, CME and ELVA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/cme-vs-elva.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cme-vs-elva/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CME correlations · ELVA correlations
