ELTK vs MCHP: Correlation
How closely do Eltek Ltd. (ELTK) and Microchip Technology (MCHP) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELTK and MCHP?
Over the past 3 years, ELTK and MCHP moved with a correlation of 0.28, which is weak. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 671.8 %².
MCHP is one of the assets that tracks ELTK most closely: it ranks #3 out of the 16 assets we track against ELTK. Correlation aside, the last 12 months split them widely, with MCHP ahead by 39.0 points (-22.8% versus +16.2%).
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.
ELTK vs MCHP: side by side
| ELTK (Eltek Ltd.) | MCHP (Microchip Technology) | |
|---|---|---|
| 1-year return | -22.8% | +16.2% |
| 5-year return | +27.7% | +5.9% |
| Volatility (ann.) | 50.9% | 46.7% |
| Beta vs S&P 500 | 0.40 | 1.97 |
| Max drawdown (3Y) | -65.7% | -63.8% |
| Market cap | $0.1B | $41.0B |
| P/E (trailing) | – | 109.4 |
| Dividend yield | 0.00% | 2.46% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ELTK | MCHP |
|---|---|---|
| 2022 | +15.0% | -18.0% |
| 2023 | +244.5% | +30.9% |
| 2024 | -20.7% | -35.0% |
| 2025 | -20.0% | +14.6% |
| 2026 | -8.8% | +20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELTK and MCHP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELTK and MCHP?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.37 over the last year and 0.23 over 5 years.
Is MCHP a good diversifier for ELTK?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined 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/eltk-vs-mchp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eltk-vs-mchp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELTK correlations · MCHP correlations
