DFLI vs MLTX: Correlation
Measured on weekly returns over the past three years, Dragonfly Energy Holdings Corp (DFLI) and MoonLake Immunotherapeutics - Class A (MLTX) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFLI and MLTX?
Over the past 3 years, DFLI and MLTX moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.64) runs below the 3-year figure (-0.38). Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -6459.2 %².
MLTX is close to the least connected end of DFLI's tracked universe, ranking #15 of 15. Over the last 12 months DFLI came out ahead by 7.2 percentage points (-64.8% against -72.0%). One caveat on sizing: DFLI is 2.6 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 MLTX: side by side
| DFLI (Dragonfly Energy Holdings Corp) | MLTX (MoonLake Immunotherapeutics - Class A) | |
|---|---|---|
| 1-year return | -64.8% | -72.0% |
| 5-year return | -99.9% | +57.2% |
| Volatility (ann.) | 208.7% | 80.7% |
| Beta vs S&P 500 | 1.72 | 0.83 |
| Max drawdown (3Y) | -99.3% | -90.2% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFLI | MLTX |
|---|---|---|
| 2022 | +19.4% | +6.2% |
| 2023 | -95.4% | +475.1% |
| 2024 | -43.0% | -10.3% |
| 2025 | -89.0% | -75.7% |
| 2026 | -62.9% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFLI and MLTX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DFLI and MLTX?
As of 2026-08-27, the correlation of weekly returns between DFLI and MLTX is -0.38 over 3 years, -0.64 over 1 year and -0.25 over 5 years.
Is MLTX a good diversifier for DFLI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/dfli-vs-mltx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dfli-vs-mltx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DFLI correlations · MLTX correlations
