ESLT vs LHX: Correlation
How closely do Elbit Systems Ltd. (ESLT) and L3Harris (LHX) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and LHX?
Across a 3-year window, the weekly returns of ESLT and LHX correlate at 0.39, moderate. The past 12 months show a tighter link (0.59) than the 3-year average (0.39). Stretching to 5 years gives 0.31, with an annualized covariance of 324.1 %².
Among the 13 assets we track against ESLT, LHX ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ESLT outperformed by 52.3 percentage points (+48.5% for ESLT against -3.8% for LHX). Risk is not evenly split, since ESLT carries 1.6 times the volatility of the other side.
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.
ESLT vs LHX: side by side
| ESLT (Elbit Systems Ltd.) | LHX (L3Harris) | |
|---|---|---|
| 1-year return | +48.5% | -3.8% |
| 5-year return | +410.2% | +24.4% |
| Volatility (ann.) | 36.5% | 23.0% |
| Beta vs S&P 500 | 0.26 | 0.51 |
| Max drawdown (3Y) | -29.3% | -30.3% |
| Market cap | $33.7B | $48.8B |
| P/E (trailing) | 54.4 | 26.6 |
| Dividend yield | 0.52% | 1.09% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ESLT | LHX |
|---|---|---|
| 2022 | -4.8% | -0.5% |
| 2023 | +31.3% | +3.7% |
| 2024 | +22.2% | +1.9% |
| 2025 | +125.1% | +42.3% |
| 2026 | +24.7% | -10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and LHX good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESLT and LHX?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.59 over the last year and 0.31 over 5 years.
Is LHX a good diversifier for ESLT?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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/eslt-vs-lhx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eslt-vs-lhx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESLT correlations · LHX correlations
