ELAN vs WWW: Correlation
How closely do Elanco Animal Health Incorporated (ELAN) and Wolverine World Wide, Inc. (WWW) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELAN and WWW?
Across a 3-year window, the weekly returns of ELAN and WWW correlate at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.47). Stretching to 5 years gives 0.39, with an annualized covariance of 1208.2 %².
By 3-year correlation, WWW places #5 of the 11 assets tracked against ELAN. The last year tells two different stories: ELAN led by 68.8 percentage points, +32.4% for ELAN against -36.4% for WWW.
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 WWW: side by side
| ELAN (Elanco Animal Health Incorporated) | WWW (Wolverine World Wide, Inc.) | |
|---|---|---|
| 1-year return | +32.4% | -36.4% |
| 5-year return | -26.8% | -38.6% |
| Volatility (ann.) | 44.8% | 57.1% |
| Beta vs S&P 500 | 1.18 | 1.60 |
| Max drawdown (3Y) | -56.1% | -58.0% |
| Market cap | $12.2B | $1.6B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | 0.00% | 1.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELAN | WWW |
|---|---|---|
| 2022 | -56.9% | -61.1% |
| 2023 | +21.9% | -15.6% |
| 2024 | -18.7% | +155.3% |
| 2025 | +86.9% | -16.5% |
| 2026 | +8.2% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELAN and WWW good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELAN and WWW?
The ELAN/WWW correlation stands at 0.47 on a 3-year window (1 year: 0.36, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is WWW a good diversifier for ELAN?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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-www.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elan-vs-www/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELAN correlations · WWW correlations
