ELPW vs TNON: Correlation
Elong Power Holding Limited - Class A (ELPW) and Tenon Medical, Inc. (TNON) show a very strong relationship: their 3-year correlation of weekly returns is 0.96.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELPW and TNON?
Over the past 3 years, ELPW and TNON moved with a correlation of 0.96, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.96 over 1 year against 0.96 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 9596732.0 %².
TNON is one of the assets that tracks ELPW most closely: it ranks #1 out of the 30 assets we track against ELPW. The last year tells two different stories: TNON led by 382.2 percentage points, -99.0% for ELPW against +283.2% for TNON.
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.
ELPW vs TNON: side by side
| ELPW (Elong Power Holding Limited - Class A) | TNON (Tenon Medical, Inc.) | |
|---|---|---|
| 1-year return | -99.0% | +283.2% |
| 5-year return | n/a | -99.7% |
| Volatility (ann.) | 3332.8% | 3014.0% |
| Beta vs S&P 500 | 3.98 | 4.59 |
| Max drawdown (3Y) | -100.0% | -99.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELPW | TNON |
|---|---|---|
| 2023 | – | -90.0% |
| 2024 | -87.5% | -85.1% |
| 2025 | -91.4% | -49.4% |
| 2026 | -97.4% | +427.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELPW and TNON good diversifiers for each other?
No: a correlation of 0.96 means ELPW and TNON tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ELPW and TNON?
The ELPW/TNON correlation stands at 0.96 on a 3-year window (1 year: 0.96, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TNON a good diversifier for ELPW?
No: a correlation of 0.96 means ELPW and TNON tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.96 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/elpw-vs-tnon.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elpw-vs-tnon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ELPW correlations · TNON correlations
