ELF vs QUAL: Correlation
How closely do e.l.f. Beauty, Inc. (ELF) and iShares MSCI USA Quality Factor ETF (QUAL) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELF and QUAL?
Across a 3-year window, the weekly returns of ELF and QUAL correlate at 0.45, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.45 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 425.5 %².
QUAL is one of the assets that tracks ELF most closely: it ranks #2 out of the 14 assets we track against ELF. The last year tells two different stories: QUAL led by 34.7 percentage points, -15.0% for ELF against +19.7% for QUAL. Note the risk asymmetry: ELF runs 4.8 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.
ELF vs QUAL: side by side
| ELF (e.l.f. Beauty, Inc.) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -15.0% | +19.7% |
| 5-year return | +244.4% | +68.0% |
| Volatility (ann.) | 67.7% | 14.0% |
| Beta vs S&P 500 | 2.00 | 0.93 |
| Max drawdown (3Y) | -77.3% | -18.0% |
| Market cap | $6.3B | – |
| P/E (trailing) | 108.3 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | ELF | QUAL |
|---|---|---|
| 2022 | +66.5% | -20.5% |
| 2023 | +161.0% | +30.9% |
| 2024 | -13.0% | +22.3% |
| 2025 | -39.4% | +12.7% |
| 2026 | +39.6% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELF and QUAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELF and QUAL?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.52 over the last year and 0.41 over 5 years.
Is QUAL a good diversifier for ELF?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elf-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elf-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELF correlations · QUAL correlations
