ELLO vs ESLT: Correlation
Ellomay Capital Ltd (ELLO) and Elbit Systems Ltd. (ESLT) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELLO and ESLT?
Across a 3-year window, the weekly returns of ELLO and ESLT correlate at 0.28, weak. Recent behaviour matches the longer record: 0.38 over 1 year against 0.28 over 3. Stretching to 5 years gives 0.28, with an annualized covariance of 406.4 %².
By 3-year correlation, ESLT places #4 of the 10 assets tracked against ELLO. Their recent paths diverged sharply: over the last 12 months ESLT outperformed by 33.0 percentage points (+15.5% for ELLO against +48.5% for ESLT).
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.
ELLO vs ESLT: side by side
| ELLO (Ellomay Capital Ltd) | ESLT (Elbit Systems Ltd.) | |
|---|---|---|
| 1-year return | +15.5% | +48.5% |
| 5-year return | -28.2% | +410.2% |
| Volatility (ann.) | 39.3% | 36.5% |
| Beta vs S&P 500 | 0.36 | 0.26 |
| Max drawdown (3Y) | -41.7% | -29.3% |
| Market cap | $0.3B | $33.7B |
| P/E (trailing) | – | 54.4 |
| Dividend yield | 0.00% | 0.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELLO | ESLT |
|---|---|---|
| 2022 | -47.5% | -4.8% |
| 2023 | +0.3% | +31.3% |
| 2024 | +8.7% | +22.2% |
| 2025 | +49.5% | +125.1% |
| 2026 | -16.8% | +24.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELLO and ESLT good diversifiers for each other?
Reasonably. At 0.28, ELLO and ESLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELLO and ESLT?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.38 over the last year and 0.28 over 5 years.
Is ESLT a good diversifier for ELLO?
Reasonably. At 0.28, ELLO and ESLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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/ello-vs-eslt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ello-vs-eslt/)
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Related comparisons
Hubs: ELLO correlations · ESLT correlations
