ELAB vs TPL: Correlation
How closely do PMGC Holdings Inc. (ELAB) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAB and TPL?
Over the past 3 years, ELAB and TPL moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.32 versus -0.19 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1855.7 %².
By 3-year correlation, TPL places #11 of the 20 assets tracked against ELAB. Their recent paths diverged sharply: over the last 12 months TPL outperformed by 122.5 percentage points (-99.7% for ELAB against +22.8% for TPL). Risk is not evenly split, since ELAB carries 3.9 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.
ELAB vs TPL: side by side
| ELAB (PMGC Holdings Inc.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | -99.7% | +22.8% |
| 5-year return | n/a | +149.6% |
| Volatility (ann.) | 195.6% | 50.0% |
| Beta vs S&P 500 | 2.50 | 0.62 |
| Max drawdown (3Y) | -100.0% | -52.2% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | ELAB | TPL |
|---|---|---|
| 2022 | – | +91.3% |
| 2023 | – | -32.4% |
| 2024 | -99.4% | +115.3% |
| 2025 | -97.4% | -21.6% |
| 2026 | -98.4% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAB and TPL good diversifiers for each other?
Yes. With a correlation of -0.19, ELAB and TPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELAB and TPL?
The ELAB/TPL correlation stands at -0.19 on a 3-year window (1 year: -0.32, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TPL a good diversifier for ELAB?
Yes. With a correlation of -0.19, ELAB and TPL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 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/elab-vs-tpl.json
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[](https://www.pairbook.io/pair/elab-vs-tpl/)
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Related comparisons
Hubs: ELAB correlations · TPL correlations
