ELDN vs NGNE: Correlation
Measured on weekly returns over the past three years, Eledon Pharmaceuticals, Inc. (ELDN) and Neurogene Inc. (NGNE) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and NGNE?
Over the past 3 years, ELDN and NGNE moved with a correlation of 0.39, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.52 versus 0.39 over 3 years. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 3269.8 %².
Few assets follow ELDN as closely as NGNE, which ranks #3 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months NGNE outperformed by 63.5 percentage points (+28.7% for ELDN against +92.2% for NGNE).
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 NGNE: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | NGNE (Neurogene Inc.) | |
|---|---|---|
| 1-year return | +28.7% | +92.2% |
| 5-year return | -58.7% | -76.7% |
| Volatility (ann.) | 82.7% | 102.1% |
| Beta vs S&P 500 | 1.13 | 2.68 |
| Max drawdown (3Y) | -73.8% | -89.7% |
| Market cap | $0.3B | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELDN | NGNE |
|---|---|---|
| 2022 | -48.3% | -89.4% |
| 2023 | -21.1% | +90.4% |
| 2024 | +128.9% | +18.0% |
| 2025 | -63.3% | -9.9% |
| 2026 | +119.9% | +83.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and NGNE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELDN and NGNE?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.52 over the last year and 0.32 over 5 years.
Is NGNE a good diversifier for ELDN?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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-ngne.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eldn-vs-ngne/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELDN correlations · NGNE correlations
