EBS vs LIVN: Correlation
Emergent BioSolutions Inc. (EBS) and LivaNova PLC (LIVN) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBS and LIVN?
Across a 3-year window, the weekly returns of EBS and LIVN correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.33, with an annualized covariance of 2172.5 %².
Within EBS's tracked universe of 15 assets, LIVN comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LIVN outperformed by 72.5 percentage points (-30.8% for EBS against +41.7% for LIVN). Note the risk asymmetry: EBS runs 3.0 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.
EBS vs LIVN: side by side
| EBS (Emergent BioSolutions Inc.) | LIVN (LivaNova PLC) | |
|---|---|---|
| 1-year return | -30.8% | +41.7% |
| 5-year return | -90.7% | -2.9% |
| Volatility (ann.) | 122.0% | 40.6% |
| Beta vs S&P 500 | 2.69 | 0.98 |
| Max drawdown (3Y) | -71.2% | -47.2% |
| Market cap | $0.3B | $4.4B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBS | LIVN |
|---|---|---|
| 2022 | -72.8% | -36.5% |
| 2023 | -79.7% | -6.8% |
| 2024 | +298.3% | -10.5% |
| 2025 | +29.3% | +32.9% |
| 2026 | -51.9% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBS and LIVN good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EBS and LIVN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.26 over the last year and 0.33 over 5 years.
Is LIVN a good diversifier for EBS?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/ebs-vs-livn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ebs-vs-livn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EBS correlations · LIVN correlations
