ELS vs NRXP: Correlation
Equity Lifestyle Properties, Inc. (ELS) and NRX Pharmaceuticals, Inc. (NRXP) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELS and NRXP?
Over the past 3 years, ELS and NRXP moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -457.0 %².
Out of 11 assets tracked against ELS, NRXP lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months NRXP outperformed by 30.1 percentage points (+10.2% for ELS against +40.3% for NRXP). Note the risk asymmetry: NRXP runs 6.4 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.
ELS vs NRXP: side by side
| ELS (Equity Lifestyle Properties, Inc.) | NRXP (NRX Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | +40.3% |
| 5-year return | -12.6% | -97.5% |
| Volatility (ann.) | 17.5% | 112.5% |
| Beta vs S&P 500 | 0.07 | 1.30 |
| Max drawdown (3Y) | -21.0% | -83.5% |
| Market cap | $12.8B | $0.2B |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 3.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELS | NRXP |
|---|---|---|
| 2022 | -24.5% | -76.8% |
| 2023 | +12.2% | -58.6% |
| 2024 | -2.8% | -52.2% |
| 2025 | -5.9% | +23.2% |
| 2026 | +7.3% | +33.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELS and NRXP good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELS and NRXP?
The ELS/NRXP correlation stands at -0.23 on a 3-year window (1 year: -0.28, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is NRXP a good diversifier for ELS?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/els-vs-nrxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/els-vs-nrxp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELS correlations · NRXP correlations
