ELDN vs MTC: Correlation
Eledon Pharmaceuticals, Inc. (ELDN) and MMTec, Inc. (MTC) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and MTC?
Over the past 3 years, ELDN and MTC moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -5185.4 %².
Out of 11 assets tracked against ELDN, MTC lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months MTC outperformed by 273.4 percentage points (+28.7% for ELDN against +302.1% for MTC). One caveat on sizing: MTC is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MTC: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | MTC (MMTec, Inc.) | |
|---|---|---|
| 1-year return | +28.7% | +302.1% |
| 5-year return | -58.7% | -96.8% |
| Volatility (ann.) | 82.7% | 261.2% |
| Beta vs S&P 500 | 1.13 | 0.26 |
| Max drawdown (3Y) | -73.8% | -99.6% |
| Market cap | $0.3B | $0.4B |
| P/E (trailing) | – | 5.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELDN | MTC |
|---|---|---|
| 2022 | -48.3% | -88.3% |
| 2023 | -21.1% | +29.0% |
| 2024 | +128.9% | -80.4% |
| 2025 | -63.3% | +117.8% |
| 2026 | +119.9% | +11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and MTC good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELDN and MTC?
As of 2026-08-27, the correlation of weekly returns between ELDN and MTC is -0.24 over 3 years, -0.56 over 1 year and -0.09 over 5 years.
Is MTC a good diversifier for ELDN?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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-mtc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eldn-vs-mtc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELDN correlations · MTC correlations
