COCH vs XEL: Correlation
Envoy Medical, Inc. (COCH) and Xcel Energy (XEL) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COCH and XEL?
Over the past 3 years, COCH and XEL moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.40). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -2135.9 %².
XEL is close to the least connected end of COCH's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with XEL ahead by 46.7 points (-37.5% versus +9.2%). Risk is not evenly split, since COCH carries 12.4 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.
COCH vs XEL: side by side
| COCH (Envoy Medical, Inc.) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | -37.5% | +9.2% |
| 5-year return | -92.4% | +31.1% |
| Volatility (ann.) | 256.3% | 20.7% |
| Beta vs S&P 500 | 0.52 | 0.09 |
| Max drawdown (3Y) | -96.3% | -24.0% |
| Market cap | $0.1B | $48.2B |
| P/E (trailing) | – | 21.3 |
| Dividend yield | 0.00% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | COCH | XEL |
|---|---|---|
| 2022 | +2.9% | +6.4% |
| 2023 | -81.9% | -8.7% |
| 2024 | -21.0% | +12.3% |
| 2025 | -53.8% | +13.9% |
| 2026 | +10.6% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COCH and XEL good diversifiers for each other?
Yes. With a correlation of -0.40, COCH and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COCH and XEL?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with 0.01 over the last year and -0.30 over 5 years.
Is XEL a good diversifier for COCH?
Yes. With a correlation of -0.40, COCH and XEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/coch-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coch-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COCH correlations · XEL correlations
