ELLO vs KEN: Correlation
Ellomay Capital Ltd (ELLO) and Kenon Holdings Ltd. (KEN) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELLO and KEN?
On 3 years of weekly data the ELLO/KEN correlation comes out at 0.39, moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.39). The 5-year figure is 0.31, and annualized covariance runs at 579.7 %².
Few assets follow ELLO as closely as KEN, which ranks #2 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months KEN outperformed by 43.5 percentage points (+15.5% for ELLO against +59.0% for KEN).
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 KEN: side by side
| ELLO (Ellomay Capital Ltd) | KEN (Kenon Holdings Ltd.) | |
|---|---|---|
| 1-year return | +15.5% | +59.0% |
| 5-year return | -28.2% | +294.3% |
| Volatility (ann.) | 39.3% | 37.7% |
| Beta vs S&P 500 | 0.36 | 0.72 |
| Max drawdown (3Y) | -41.7% | -33.2% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | 43.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELLO | KEN |
|---|---|---|
| 2022 | -47.5% | -11.7% |
| 2023 | +0.3% | -18.2% |
| 2024 | +8.7% | +67.6% |
| 2025 | +49.5% | +126.2% |
| 2026 | -16.8% | +8.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELLO and KEN good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELLO and KEN?
The ELLO/KEN correlation stands at 0.39 on a 3-year window (1 year: 0.57, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is KEN a good diversifier for ELLO?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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/ello-vs-ken.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ello-vs-ken/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELLO correlations · KEN correlations
