ELBM vs NVX: Correlation
How closely do Electra Battery Materials Corporation (ELBM) and NOVONIX Limited - American Depository Shares (NVX) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELBM and NVX?
On 3 years of weekly data the ELBM/NVX correlation comes out at 0.37, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 3197.4 %².
Within ELBM's tracked universe of 10 assets, NVX comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ELBM ahead by 44.4 points (-31.0% versus -75.4%).
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.
ELBM vs NVX: side by side
| ELBM (Electra Battery Materials Corporation) | NVX (NOVONIX Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | -31.0% | -75.4% |
| 5-year return | -96.3% | -98.4% |
| Volatility (ann.) | 90.9% | 96.1% |
| Beta vs S&P 500 | 1.38 | 1.02 |
| Max drawdown (3Y) | -93.0% | -88.4% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELBM | NVX |
|---|---|---|
| 2022 | -62.5% | – |
| 2023 | -78.0% | -52.7% |
| 2024 | +27.1% | -7.2% |
| 2025 | -56.9% | -43.9% |
| 2026 | -22.4% | -64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and NVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELBM and NVX?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.42 over the last year and 0.34 over 5 years.
Is NVX a good diversifier for ELBM?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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-nvx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elbm-vs-nvx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELBM correlations · NVX correlations
