ELTK vs OLMA: Correlation
Measured on weekly returns over the past three years, Eltek Ltd. (ELTK) and Olema Pharmaceuticals, Inc. (OLMA) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELTK and OLMA?
Over the past 3 years, ELTK and OLMA moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.60) runs below the 3-year figure (-0.28). Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -1909.3 %².
Out of 16 assets tracked against ELTK, OLMA lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months OLMA outperformed by 110.8 percentage points (-22.8% for ELTK against +88.0% for OLMA). One caveat on sizing: OLMA is 2.6 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.
ELTK vs OLMA: side by side
| ELTK (Eltek Ltd.) | OLMA (Olema Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -22.8% | +88.0% |
| 5-year return | +27.7% | -64.1% |
| Volatility (ann.) | 50.9% | 133.2% |
| Beta vs S&P 500 | 0.40 | 1.18 |
| Max drawdown (3Y) | -65.7% | -82.1% |
| Market cap | $0.1B | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELTK | OLMA |
|---|---|---|
| 2022 | +15.0% | -73.8% |
| 2023 | +244.5% | +472.7% |
| 2024 | -20.7% | -58.4% |
| 2025 | -20.0% | +328.8% |
| 2026 | -8.8% | -56.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELTK and OLMA good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELTK and OLMA?
The ELTK/OLMA correlation stands at -0.28 on a 3-year window (1 year: -0.60, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is OLMA a good diversifier for ELTK?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
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-olma.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eltk-vs-olma/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELTK correlations · OLMA correlations
