ELVN vs IBAC: Correlation
How closely do Enliven Therapeutics, Inc. (ELVN) and IB Acquisition Corp. (IBAC) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVN and IBAC?
Across a 3-year window, the weekly returns of ELVN and IBAC correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -42.9 %².
IBAC is close to the least connected end of ELVN's tracked universe, ranking #11 of 11. The last year tells two different stories: ELVN led by 189.3 percentage points, +192.6% for ELVN against +3.3% for IBAC. One caveat on sizing: ELVN is 40.3 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.
ELVN vs IBAC: side by side
| ELVN (Enliven Therapeutics, Inc.) | IBAC (IB Acquisition Corp.) | |
|---|---|---|
| 1-year return | +192.6% | +3.3% |
| 5-year return | +225.3% | n/a |
| Volatility (ann.) | 84.7% | 2.1% |
| Beta vs S&P 500 | 1.32 | -0.00 |
| Max drawdown (3Y) | -49.5% | -3.2% |
| Market cap | $4.4B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELVN | IBAC |
|---|---|---|
| 2022 | +81.8% | – |
| 2023 | -15.4% | – |
| 2024 | +62.6% | – |
| 2025 | -31.6% | +3.7% |
| 2026 | +292.9% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVN and IBAC good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELVN and IBAC?
The ELVN/IBAC correlation stands at -0.26 on a 3-year window (1 year: -0.25, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is IBAC a good diversifier for ELVN?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: ELVN correlations · IBAC correlations
