ECF vs ELVA: Correlation
How closely do Ellsworth Growth and Income Fund Ltd. (ECF) and Electrovaya Inc. (ELVA) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECF and ELVA?
On 3 years of weekly data the ECF/ELVA correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.38 over 3. The 5-year figure is 0.31, and annualized covariance runs at 391.9 %².
ELVA is close to the least connected end of ECF's tracked universe, ranking #15 of 19. Neither side won the trailing year by much: +22.9% against +24.1%. Risk is not evenly split, since ELVA carries 3.8 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.
ECF vs ELVA: side by side
| ECF (Ellsworth Growth and Income Fund Ltd.) | ELVA (Electrovaya Inc.) | |
|---|---|---|
| 1-year return | +22.9% | +24.1% |
| 5-year return | +25.8% | +107.3% |
| Volatility (ann.) | 16.5% | 63.2% |
| Beta vs S&P 500 | 0.71 | 1.17 |
| Max drawdown (3Y) | -16.8% | -56.0% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 3.9 | 68.4 |
| Dividend yield | 7.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECF | ELVA |
|---|---|---|
| 2022 | -31.6% | +2.8% |
| 2023 | +8.0% | -17.3% |
| 2024 | +27.5% | -19.0% |
| 2025 | +30.0% | +218.5% |
| 2026 | +10.6% | -13.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECF and ELVA good diversifiers for each other?
Reasonably. At 0.38, ECF and ELVA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ECF and ELVA?
The ECF/ELVA correlation stands at 0.38 on a 3-year window (1 year: 0.45, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is ELVA a good diversifier for ECF?
Reasonably. At 0.38, ECF and ELVA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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.
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Related comparisons
Hubs: ECF correlations · ELVA correlations
