ELA vs GBTG: Correlation
Envela Corporation (ELA) and Global Business Travel Group, Inc. (GBTG) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELA and GBTG?
Across a 3-year window, the weekly returns of ELA and GBTG correlate at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 1173.7 %².
GBTG is one of the assets that tracks ELA most closely: it ranks #3 out of the 12 assets we track against ELA. The last year tells two different stories: ELA led by 74.7 percentage points, +89.5% for ELA against +14.8% for GBTG.
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.
ELA vs GBTG: side by side
| ELA (Envela Corporation) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | +89.5% | +14.8% |
| 5-year return | +229.3% | n/a |
| Volatility (ann.) | 56.3% | 50.5% |
| Beta vs S&P 500 | 0.61 | 1.39 |
| Max drawdown (3Y) | -51.8% | -48.0% |
| Market cap | $0.4B | $4.9B |
| P/E (trailing) | 16.6 | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELA | GBTG |
|---|---|---|
| 2022 | +29.2% | – |
| 2023 | -7.6% | -4.4% |
| 2024 | +47.7% | +43.9% |
| 2025 | +86.4% | -17.6% |
| 2026 | +4.1% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELA and GBTG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELA and GBTG?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.44 over the last year and 0.34 over 5 years.
Is GBTG a good diversifier for ELA?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ela-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ela-vs-gbtg/)
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Related comparisons
Hubs: ELA correlations · GBTG correlations
