ELDN vs KVUE: Correlation
Measured on weekly returns over the past three years, Eledon Pharmaceuticals, Inc. (ELDN) and Kenvue (KVUE) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and KVUE?
Over the past 3 years, ELDN and KVUE moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.21). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -482.0 %².
Out of 11 assets tracked against ELDN, KVUE lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ELDN outperformed by 31.7 percentage points (+28.7% for ELDN against -3.0% for KVUE). Note the risk asymmetry: ELDN runs 3.0 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.
ELDN vs KVUE: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | KVUE (Kenvue) | |
|---|---|---|
| 1-year return | +28.7% | -3.0% |
| 5-year return | -58.7% | n/a |
| Volatility (ann.) | 82.7% | 27.3% |
| Beta vs S&P 500 | 1.13 | 0.16 |
| Max drawdown (3Y) | -73.8% | -41.2% |
| Market cap | $0.3B | $36.9B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 0.00% | 4.32% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | ELDN | KVUE |
|---|---|---|
| 2022 | -48.3% | – |
| 2023 | -21.1% | – |
| 2024 | +128.9% | +3.1% |
| 2025 | -63.3% | -15.9% |
| 2026 | +119.9% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and KVUE good diversifiers for each other?
Yes. With a correlation of -0.21, ELDN and KVUE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELDN and KVUE?
As of 2026-08-27, the correlation of weekly returns between ELDN and KVUE is -0.21 over 3 years, -0.50 over 1 year and n/a over 5 years.
Is KVUE a good diversifier for ELDN?
Yes. With a correlation of -0.21, ELDN and KVUE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eldn-vs-kvue.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eldn-vs-kvue/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELDN correlations · KVUE correlations
