ELVN vs MLTX: Correlation
How closely do Enliven Therapeutics, Inc. (ELVN) and MoonLake Immunotherapeutics - Class A (MLTX) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVN and MLTX?
On 3 years of weekly data the ELVN/MLTX correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.40 over 3. The 5-year figure is 0.20, and annualized covariance runs at 2711.4 %².
Among the 11 assets we track against ELVN, MLTX ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ELVN ahead by 264.6 points (+192.6% versus -72.0%).
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 MLTX: side by side
| ELVN (Enliven Therapeutics, Inc.) | MLTX (MoonLake Immunotherapeutics - Class A) | |
|---|---|---|
| 1-year return | +192.6% | -72.0% |
| 5-year return | +225.3% | +57.2% |
| Volatility (ann.) | 84.7% | 80.7% |
| Beta vs S&P 500 | 1.32 | 0.83 |
| Max drawdown (3Y) | -49.5% | -90.2% |
| Market cap | $4.4B | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELVN | MLTX |
|---|---|---|
| 2022 | +81.8% | +6.2% |
| 2023 | -15.4% | +475.1% |
| 2024 | +62.6% | -10.3% |
| 2025 | -31.6% | -75.7% |
| 2026 | +292.9% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVN and MLTX good diversifiers for each other?
Reasonably. At 0.40, ELVN and MLTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ELVN and MLTX?
As of 2026-08-27, the correlation of weekly returns between ELVN and MLTX is 0.40 over 3 years, 0.43 over 1 year and 0.20 over 5 years.
Is MLTX a good diversifier for ELVN?
Reasonably. At 0.40, ELVN and MLTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/elvn-vs-mltx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/elvn-vs-mltx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELVN correlations · MLTX correlations
