ELBM vs MACI: Correlation
How closely do Electra Battery Materials Corporation (ELBM) and Melar Acquisition Corp. I - Class A (MACI) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELBM and MACI?
Across a 3-year window, the weekly returns of ELBM and MACI correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.22). Stretching to 5 years gives n/a, with an annualized covariance of -40.7 %².
MACI is close to the least connected end of ELBM's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with MACI ahead by 35.4 points (-31.0% versus +4.4%). Note the risk asymmetry: ELBM runs 43.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MACI: side by side
| ELBM (Electra Battery Materials Corporation) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | -31.0% | +4.4% |
| 5-year return | -96.3% | n/a |
| Volatility (ann.) | 90.9% | 2.1% |
| Beta vs S&P 500 | 1.38 | -0.03 |
| Max drawdown (3Y) | -93.0% | -2.0% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | – | 60.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELBM | MACI |
|---|---|---|
| 2022 | -62.5% | – |
| 2023 | -78.0% | – |
| 2024 | +27.1% | – |
| 2025 | -56.9% | +5.7% |
| 2026 | -22.4% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and MACI good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELBM and MACI?
The ELBM/MACI correlation stands at -0.22 on a 3-year window (1 year: -0.34, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MACI a good diversifier for ELBM?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/elbm-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elbm-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELBM correlations · MACI correlations
