ELDN vs TREX: Correlation
How closely do Eledon Pharmaceuticals, Inc. (ELDN) and Trex Company, Inc. (TREX) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELDN and TREX?
Across a 3-year window, the weekly returns of ELDN and TREX correlate at 0.42, moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.42). Stretching to 5 years gives 0.29, with an annualized covariance of 1561.7 %².
TREX is one of the assets that tracks ELDN most closely: it ranks #2 out of the 11 assets we track against ELDN. The last year tells two different stories: ELDN led by 56.0 percentage points, +28.7% for ELDN against -27.3% for TREX. Note the risk asymmetry: ELDN runs 1.8 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 TREX: side by side
| ELDN (Eledon Pharmaceuticals, Inc.) | TREX (Trex Company, Inc.) | |
|---|---|---|
| 1-year return | +28.7% | -27.3% |
| 5-year return | -58.7% | -58.7% |
| Volatility (ann.) | 82.7% | 45.3% |
| Beta vs S&P 500 | 1.13 | 1.48 |
| Max drawdown (3Y) | -73.8% | -69.9% |
| Market cap | $0.3B | $4.7B |
| P/E (trailing) | – | 27.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELDN | TREX |
|---|---|---|
| 2022 | -48.3% | -68.7% |
| 2023 | -21.1% | +95.6% |
| 2024 | +128.9% | -16.6% |
| 2025 | -63.3% | -49.2% |
| 2026 | +119.9% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELDN and TREX good diversifiers for each other?
Reasonably. At 0.42, ELDN and TREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELDN and TREX?
The ELDN/TREX correlation stands at 0.42 on a 3-year window (1 year: 0.57, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is TREX a good diversifier for ELDN?
Reasonably. At 0.42, ELDN and TREX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/eldn-vs-trex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eldn-vs-trex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELDN correlations · TREX correlations
