ELUT vs PYPD: Correlation
Elutia, Inc. (ELUT) and PolyPid Ltd. (PYPD) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELUT and PYPD?
Over the past 3 years, ELUT and PYPD moved with a correlation of 0.42, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.42 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 2766.4 %².
In ELUT's tracked universe of 10 assets, PYPD sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months PYPD outperformed by 109.9 percentage points (-60.2% for ELUT against +49.7% for PYPD).
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.
ELUT vs PYPD: side by side
| ELUT (Elutia, Inc.) | PYPD (PolyPid Ltd.) | |
|---|---|---|
| 1-year return | -60.2% | +49.7% |
| 5-year return | -89.2% | -98.1% |
| Volatility (ann.) | 81.4% | 81.4% |
| Beta vs S&P 500 | 0.14 | 0.49 |
| Max drawdown (3Y) | -89.8% | -74.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELUT | PYPD |
|---|---|---|
| 2022 | -32.5% | -87.8% |
| 2023 | -49.2% | -81.9% |
| 2024 | +73.1% | -20.0% |
| 2025 | -81.5% | +42.8% |
| 2026 | +27.0% | +18.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELUT and PYPD good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELUT and PYPD?
The ELUT/PYPD correlation stands at 0.42 on a 3-year window (1 year: 0.15, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is PYPD a good diversifier for ELUT?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/elut-vs-pypd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elut-vs-pypd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELUT correlations · PYPD correlations
