ELAN vs LASR: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and nLIGHT, Inc. (LASR) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and LASR?
Over the past 3 years, ELAN and LASR moved with a correlation of 0.49, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.49). Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 1241.3 %².
In ELAN's tracked universe of 11 assets, LASR sits right near the top at #2. Correlation aside, the last 12 months split them widely, with LASR ahead by 24.0 points (+32.4% versus +56.4%).
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.
ELAN vs LASR: side by side
| ELAN (Elanco Animal Health Incorporated) | LASR (nLIGHT, Inc.) | |
|---|---|---|
| 1-year return | +32.4% | +56.4% |
| 5-year return | -26.8% | +61.0% |
| Volatility (ann.) | 44.8% | 56.6% |
| Beta vs S&P 500 | 1.18 | 1.44 |
| Max drawdown (3Y) | -56.1% | -56.1% |
| Market cap | $12.2B | $2.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELAN | LASR |
|---|---|---|
| 2022 | -56.9% | -57.7% |
| 2023 | +21.9% | +33.1% |
| 2024 | -18.7% | -22.3% |
| 2025 | +86.9% | +257.6% |
| 2026 | +8.2% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and LASR good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELAN and LASR?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.26 over the last year and 0.42 over 5 years.
Is LASR a good diversifier for ELAN?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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/elan-vs-lasr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elan-vs-lasr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELAN correlations · LASR correlations
