DOCN vs ELA: Correlation
Measured on weekly returns over the past three years, DigitalOcean Holdings, Inc. (DOCN) and Envela Corporation (ELA) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCN and ELA?
On 3 years of weekly data the DOCN/ELA correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.41 over 3. The 5-year figure is 0.40, and annualized covariance runs at 1492.1 %².
Within DOCN's tracked universe of 16 assets, ELA comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DOCN ahead by 186.5 points (+276.0% versus +89.5%).
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.
DOCN vs ELA: side by side
| DOCN (DigitalOcean Holdings, Inc.) | ELA (Envela Corporation) | |
|---|---|---|
| 1-year return | +276.0% | +89.5% |
| 5-year return | +95.5% | +229.3% |
| Volatility (ann.) | 64.8% | 56.3% |
| Beta vs S&P 500 | 1.71 | 0.61 |
| Max drawdown (3Y) | -44.9% | -51.8% |
| Market cap | $14.3B | $0.4B |
| P/E (trailing) | 52.4 | 16.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCN | ELA |
|---|---|---|
| 2022 | -68.3% | +29.2% |
| 2023 | +44.1% | -7.6% |
| 2024 | -7.1% | +47.7% |
| 2025 | +41.2% | +86.4% |
| 2026 | +152.9% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCN and ELA good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DOCN and ELA?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.46 over the last year and 0.40 over 5 years.
Is ELA a good diversifier for DOCN?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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/docn-vs-ela.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/docn-vs-ela/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOCN correlations · ELA correlations
