ELAN vs MTD: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and Mettler Toledo (MTD) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and MTD?
On 3 years of weekly data the ELAN/MTD correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.53 over 3. The 5-year figure is 0.50, and annualized covariance runs at 747.7 %².
Few assets follow ELAN as closely as MTD, which ranks #1 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with ELAN ahead by 22.9 points (+32.4% versus +9.5%).
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 MTD: side by side
| ELAN (Elanco Animal Health Incorporated) | MTD (Mettler Toledo) | |
|---|---|---|
| 1-year return | +32.4% | +9.5% |
| 5-year return | -26.8% | -11.4% |
| Volatility (ann.) | 44.8% | 31.4% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -56.1% | -36.6% |
| Market cap | $12.2B | $28.2B |
| P/E (trailing) | – | 31.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | ELAN | MTD |
|---|---|---|
| 2022 | -56.9% | -14.8% |
| 2023 | +21.9% | -16.1% |
| 2024 | -18.7% | +0.9% |
| 2025 | +86.9% | +13.9% |
| 2026 | +8.2% | +0.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and MTD good diversifiers for each other?
Only partially. A correlation of 0.53 means ELAN and MTD 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 ELAN and MTD?
The ELAN/MTD correlation stands at 0.53 on a 3-year window (1 year: 0.51, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is MTD a good diversifier for ELAN?
Only partially. A correlation of 0.53 means ELAN and MTD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elan-vs-mtd.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ELAN correlations · MTD correlations
