ELVA vs XTNT: Correlation
Electrovaya Inc. (ELVA) and Xtant Medical Holdings, Inc. (XTNT) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVA and XTNT?
Over the past 3 years, ELVA and XTNT moved with a correlation of 0.32, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.32 over 3. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 1267.0 %².
By 3-year correlation, XTNT places #8 of the 13 assets tracked against ELVA. Their recent paths diverged sharply: over the last 12 months ELVA outperformed by 70.0 percentage points (+24.1% for ELVA against -45.9% for XTNT).
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.
ELVA vs XTNT: side by side
| ELVA (Electrovaya Inc.) | XTNT (Xtant Medical Holdings, Inc.) | |
|---|---|---|
| 1-year return | +24.1% | -45.9% |
| 5-year return | +107.3% | -73.6% |
| Volatility (ann.) | 63.2% | 62.9% |
| Beta vs S&P 500 | 1.17 | 0.93 |
| Max drawdown (3Y) | -56.0% | -77.7% |
| Market cap | $0.3B | – |
| P/E (trailing) | 68.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELVA | XTNT |
|---|---|---|
| 2022 | +2.8% | +17.9% |
| 2023 | -17.3% | +71.2% |
| 2024 | -19.0% | -61.1% |
| 2025 | +218.5% | +77.3% |
| 2026 | -13.4% | -57.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVA and XTNT good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELVA and XTNT?
As of 2026-08-27, the correlation of weekly returns between ELVA and XTNT is 0.32 over 3 years, 0.40 over 1 year and 0.22 over 5 years.
Is XTNT a good diversifier for ELVA?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/elva-vs-xtnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elva-vs-xtnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELVA correlations · XTNT correlations
