ESLT vs NOC: Correlation
How closely do Elbit Systems Ltd. (ESLT) and Northrop Grumman (NOC) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESLT and NOC?
Over the past 3 years, ESLT and NOC moved with a correlation of 0.45, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.45). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 439.7 %².
In ESLT's tracked universe of 13 assets, NOC sits right near the top at #2. The last year tells two different stories: ESLT led by 54.1 percentage points, +48.5% for ESLT against -5.6% for NOC.
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 NOC: side by side
| ESLT (Elbit Systems Ltd.) | NOC (Northrop Grumman) | |
|---|---|---|
| 1-year return | +48.5% | -5.6% |
| 5-year return | +410.2% | +60.1% |
| Volatility (ann.) | 36.5% | 26.7% |
| Beta vs S&P 500 | 0.26 | 0.24 |
| Max drawdown (3Y) | -29.3% | -35.1% |
| Market cap | $33.7B | $77.4B |
| P/E (trailing) | 54.4 | 17.5 |
| Dividend yield | 0.52% | 1.71% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ESLT | NOC |
|---|---|---|
| 2022 | -4.8% | +43.0% |
| 2023 | +31.3% | -12.8% |
| 2024 | +22.2% | +1.9% |
| 2025 | +125.1% | +23.6% |
| 2026 | +24.7% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESLT and NOC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESLT and NOC?
The ESLT/NOC correlation stands at 0.45 on a 3-year window (1 year: 0.60, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is NOC a good diversifier for ESLT?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/eslt-vs-noc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eslt-vs-noc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESLT correlations · NOC correlations
