ESLT vs NNVC: Correlation
How closely do Elbit Systems Ltd. (ESLT) and NanoViricides, Inc. (NNVC) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and NNVC?
Over the past 3 years, ESLT and NNVC moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.20 lands near the 3-year figure. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -571.8 %².
Among the 13 assets we track against ESLT, NNVC sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months ESLT outperformed by 58.4 percentage points (+48.5% for ESLT against -9.9% for NNVC). Note the risk asymmetry: NNVC runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NNVC: side by side
| ESLT (Elbit Systems Ltd.) | NNVC (NanoViricides, Inc.) | |
|---|---|---|
| 1-year return | +48.5% | -9.9% |
| 5-year return | +410.2% | -66.8% |
| Volatility (ann.) | 36.5% | 79.5% |
| Beta vs S&P 500 | 0.26 | 0.87 |
| Max drawdown (3Y) | -29.3% | -74.3% |
| Market cap | $33.7B | – |
| P/E (trailing) | 54.4 | – |
| Dividend yield | 0.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESLT | NNVC |
|---|---|---|
| 2022 | -4.8% | -70.2% |
| 2023 | +31.3% | -8.1% |
| 2024 | +22.2% | +40.2% |
| 2025 | +125.1% | -21.0% |
| 2026 | +24.7% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and NNVC good diversifiers for each other?
Yes. With a correlation of -0.20, ESLT and NNVC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESLT and NNVC?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.20 over the last year and -0.09 over 5 years.
Is NNVC a good diversifier for ESLT?
Yes. With a correlation of -0.20, ESLT and NNVC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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.
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Related comparisons
Hubs: ESLT correlations · NNVC correlations
