ELA vs ISBA: Correlation
Envela Corporation (ELA) and Isabella Bank Corporation (ISBA) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELA and ISBA?
Across a 3-year window, the weekly returns of ELA and ISBA correlate at 0.24, weak. Recent behaviour matches the longer record: 0.31 over 1 year against 0.24 over 3. Stretching to 5 years gives 0.18, with an annualized covariance of 442.4 %².
Among the 12 assets we track against ELA, ISBA ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ELA outperformed by 73.1 percentage points (+89.5% for ELA against +16.4% for ISBA). Note the risk asymmetry: ELA runs 1.7 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.
ELA vs ISBA: side by side
| ELA (Envela Corporation) | ISBA (Isabella Bank Corporation) | |
|---|---|---|
| 1-year return | +89.5% | +16.4% |
| 5-year return | +229.3% | +104.9% |
| Volatility (ann.) | 56.3% | 33.3% |
| Beta vs S&P 500 | 0.61 | 0.05 |
| Max drawdown (3Y) | -51.8% | -34.1% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 16.6 | 14.2 |
| Dividend yield | 0.00% | 2.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELA | ISBA |
|---|---|---|
| 2022 | +29.2% | -3.5% |
| 2023 | -7.6% | -3.5% |
| 2024 | +47.7% | +27.7% |
| 2025 | +86.4% | +99.1% |
| 2026 | +4.1% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELA and ISBA good diversifiers for each other?
Reasonably. At 0.24, ELA and ISBA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELA and ISBA?
As of 2026-08-27, the correlation of weekly returns between ELA and ISBA is 0.24 over 3 years, 0.31 over 1 year and 0.18 over 5 years.
Is ISBA a good diversifier for ELA?
Reasonably. At 0.24, ELA and ISBA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/ela-vs-isba.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ela-vs-isba/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELA correlations · ISBA correlations
