ESLT vs LMT: Correlation
How closely do Elbit Systems Ltd. (ESLT) and Lockheed Martin (LMT) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and LMT?
Across a 3-year window, the weekly returns of ESLT and LMT correlate at 0.34, moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.34). Stretching to 5 years gives 0.26, with an annualized covariance of 319.5 %².
Among the 13 assets we track against ESLT, LMT ranks #6 by 3-year correlation. The last year tells two different stories: ESLT led by 20.6 percentage points, +48.5% for ESLT against +27.9% for LMT.
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 LMT: side by side
| ESLT (Elbit Systems Ltd.) | LMT (Lockheed Martin) | |
|---|---|---|
| 1-year return | +48.5% | +27.9% |
| 5-year return | +410.2% | +78.9% |
| Volatility (ann.) | 36.5% | 26.0% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -29.3% | -31.8% |
| Market cap | $33.7B | $130.6B |
| P/E (trailing) | 54.4 | 20.9 |
| Dividend yield | 0.52% | 2.41% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ESLT | LMT |
|---|---|---|
| 2022 | -4.8% | +40.5% |
| 2023 | +31.3% | -4.3% |
| 2024 | +22.2% | +10.0% |
| 2025 | +125.1% | +2.5% |
| 2026 | +24.7% | +18.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and LMT good diversifiers for each other?
Reasonably. At 0.34, ESLT and LMT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESLT and LMT?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.52 over the last year and 0.26 over 5 years.
Is LMT a good diversifier for ESLT?
Reasonably. At 0.34, ESLT and LMT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eslt-vs-lmt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eslt-vs-lmt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESLT correlations · LMT correlations
