EGO vs ELE: Correlation
How closely do Eldorado Gold Corporation (EGO) and Elemental Royalty Corporation (ELE) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGO and ELE?
On 3 years of weekly data the EGO/ELE correlation comes out at 0.61, strong. The past 12 months show a tighter link (0.76) than the 3-year average (0.61). The 5-year figure is 0.55, and annualized covariance runs at 1351.0 %².
By 3-year correlation, ELE places #7 of the 12 assets tracked against EGO. The last year tells two different stories: EGO led by 45.9 percentage points, +98.6% for EGO against +52.7% for ELE.
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.
EGO vs ELE: side by side
| EGO (Eldorado Gold Corporation) | ELE (Elemental Royalty Corporation) | |
|---|---|---|
| 1-year return | +98.6% | +52.7% |
| 5-year return | +463.3% | +117.9% |
| Volatility (ann.) | 50.3% | 44.3% |
| Beta vs S&P 500 | 0.73 | 0.87 |
| Max drawdown (3Y) | -44.0% | -40.9% |
| Market cap | $12.5B | $1.4B |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.32% | 0.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EGO | ELE |
|---|---|---|
| 2022 | -10.6% | -25.3% |
| 2023 | +55.1% | -15.4% |
| 2024 | +14.6% | -3.9% |
| 2025 | +141.6% | +114.0% |
| 2026 | +34.2% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGO and ELE good diversifiers for each other?
Only partially. A correlation of 0.61 means EGO and ELE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EGO and ELE?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.76 over the last year and 0.55 over 5 years.
Is ELE a good diversifier for EGO?
Only partially. A correlation of 0.61 means EGO and ELE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/ego-vs-ele.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ego-vs-ele/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EGO correlations · ELE correlations
