ELBM vs FHTX: Correlation
How closely do Electra Battery Materials Corporation (ELBM) and Foghorn Therapeutics Inc. (FHTX) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELBM and FHTX?
Over the past 3 years, ELBM and FHTX moved with a correlation of 0.40, which is moderate. The past 12 months show a weaker link (0.07) than the 3-year average (0.40). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 3782.3 %².
FHTX is one of the assets that tracks ELBM most closely: it ranks #2 out of the 10 assets we track against ELBM. Their recent paths diverged sharply: over the last 12 months FHTX outperformed by 46.0 percentage points (-31.0% for ELBM against +15.0% for FHTX).
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.
ELBM vs FHTX: side by side
| ELBM (Electra Battery Materials Corporation) | FHTX (Foghorn Therapeutics Inc.) | |
|---|---|---|
| 1-year return | -31.0% | +15.0% |
| 5-year return | -96.3% | -49.1% |
| Volatility (ann.) | 90.9% | 103.7% |
| Beta vs S&P 500 | 1.38 | 2.17 |
| Max drawdown (3Y) | -93.0% | -68.5% |
| Market cap | $0.1B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELBM | FHTX |
|---|---|---|
| 2022 | -62.5% | -72.1% |
| 2023 | -78.0% | +1.1% |
| 2024 | +27.1% | -26.8% |
| 2025 | -56.9% | +14.4% |
| 2026 | -22.4% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and FHTX good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELBM and FHTX?
The ELBM/FHTX correlation stands at 0.40 on a 3-year window (1 year: 0.07, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is FHTX a good diversifier for ELBM?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/elbm-vs-fhtx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elbm-vs-fhtx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELBM correlations · FHTX correlations
