ELMD vs HYLN: Correlation
Measured on weekly returns over the past three years, Electromed, Inc. (ELMD) and Hyliion Holdings Corp. (HYLN) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELMD and HYLN?
Across a 3-year window, the weekly returns of ELMD and HYLN correlate at 0.37, moderate. The past 12 months show a tighter link (0.48) than the 3-year average (0.37). Stretching to 5 years gives 0.32, with an annualized covariance of 1947.1 %².
HYLN is one of the assets that tracks ELMD most closely: it ranks #2 out of the 12 assets we track against ELMD. Their recent paths diverged sharply: over the last 12 months HYLN outperformed by 80.1 percentage points (+21.7% for ELMD against +101.8% for HYLN). One caveat on sizing: HYLN is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ELMD vs HYLN: side by side
| ELMD (Electromed, Inc.) | HYLN (Hyliion Holdings Corp.) | |
|---|---|---|
| 1-year return | +21.7% | +101.8% |
| 5-year return | +144.2% | -60.9% |
| Volatility (ann.) | 48.9% | 108.2% |
| Beta vs S&P 500 | 0.63 | 2.37 |
| Max drawdown (3Y) | -48.9% | -70.3% |
| Market cap | $0.3B | $0.6B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELMD | HYLN |
|---|---|---|
| 2022 | -19.3% | -62.3% |
| 2023 | +4.0% | -65.2% |
| 2024 | +170.9% | +220.6% |
| 2025 | -1.5% | -29.5% |
| 2026 | +3.5% | +85.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELMD and HYLN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELMD and HYLN?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.48 over the last year and 0.32 over 5 years.
Is HYLN a good diversifier for ELMD?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ELMD correlations · HYLN correlations
