DFLI vs GECC: Correlation
Measured on weekly returns over the past three years, Dragonfly Energy Holdings Corp (DFLI) and Great Elm Capital Corp. - Closed End Fund (GECC) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFLI and GECC?
Across a 3-year window, the weekly returns of DFLI and GECC correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.26 over 3 years. Stretching to 5 years gives -0.20, with an annualized covariance of -1658.6 %².
Out of 15 assets tracked against DFLI, GECC lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months GECC outperformed by 28.6 percentage points (-64.8% for DFLI against -36.2% for GECC). One caveat on sizing: DFLI is 6.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DFLI vs GECC: side by side
| DFLI (Dragonfly Energy Holdings Corp) | GECC (Great Elm Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -64.8% | -36.2% |
| 5-year return | -99.9% | -40.4% |
| Volatility (ann.) | 208.7% | 30.5% |
| Beta vs S&P 500 | 1.72 | 0.62 |
| Max drawdown (3Y) | -99.3% | -54.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 21.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFLI | GECC |
|---|---|---|
| 2022 | +19.4% | -47.4% |
| 2023 | -95.4% | +49.4% |
| 2024 | -43.0% | +18.9% |
| 2025 | -89.0% | -25.4% |
| 2026 | -62.9% | -6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFLI and GECC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFLI and GECC?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.40 over the last year and -0.20 over 5 years.
Is GECC a good diversifier for DFLI?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/dfli-vs-gecc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dfli-vs-gecc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DFLI correlations · GECC correlations
