ELUT vs TECX: Correlation
How closely do Elutia, Inc. (ELUT) and Tectonic Therapeutic, Inc. (TECX) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELUT and TECX?
Across a 3-year window, the weekly returns of ELUT and TECX correlate at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.31 over 3 years. Stretching to 5 years gives 0.22, with an annualized covariance of 15852.3 %².
Few assets follow ELUT as closely as TECX, which ranks #2 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months TECX outperformed by 98.4 percentage points (-60.2% for ELUT against +38.2% for TECX). Note the risk asymmetry: TECX runs 7.7 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.
ELUT vs TECX: side by side
| ELUT (Elutia, Inc.) | TECX (Tectonic Therapeutic, Inc.) | |
|---|---|---|
| 1-year return | -60.2% | +38.2% |
| 5-year return | -89.2% | -52.9% |
| Volatility (ann.) | 81.4% | 628.0% |
| Beta vs S&P 500 | 0.14 | 0.20 |
| Max drawdown (3Y) | -89.8% | -92.8% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELUT | TECX |
|---|---|---|
| 2022 | -32.5% | -81.6% |
| 2023 | -49.2% | +91.5% |
| 2024 | +73.1% | +182.9% |
| 2025 | -81.5% | -54.8% |
| 2026 | +27.0% | +75.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELUT and TECX good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELUT and TECX?
As of 2026-08-27, the correlation of weekly returns between ELUT and TECX is 0.31 over 3 years, 0.07 over 1 year and 0.22 over 5 years.
Is TECX a good diversifier for ELUT?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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-tecx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/elut-vs-tecx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELUT correlations · TECX correlations
