ESTA vs JBTM: Correlation
How closely do Establishment Labs Holdings Inc. (ESTA) and JBT Marel Corporation (JBTM) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTA and JBTM?
On 3 years of weekly data the ESTA/JBTM correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 1050.7 %².
Within ESTA's tracked universe of 12 assets, JBTM comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ESTA ahead by 87.4 points (+69.2% versus -18.2%). Risk is not evenly split, since ESTA carries 2.0 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.
ESTA vs JBTM: side by side
| ESTA (Establishment Labs Holdings Inc.) | JBTM (JBT Marel Corporation) | |
|---|---|---|
| 1-year return | +69.2% | -18.2% |
| 5-year return | -0.0% | -18.0% |
| Volatility (ann.) | 70.5% | 35.7% |
| Beta vs S&P 500 | 1.02 | 0.79 |
| Max drawdown (3Y) | -64.1% | -32.2% |
| Market cap | $2.1B | $6.1B |
| P/E (trailing) | – | 32.3 |
| Dividend yield | 0.00% | 0.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTA | JBTM |
|---|---|---|
| 2022 | -2.9% | -40.3% |
| 2023 | -60.6% | +9.3% |
| 2024 | +77.9% | +28.3% |
| 2025 | +58.2% | +18.9% |
| 2026 | -1.5% | -21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTA and JBTM good diversifiers for each other?
Reasonably. At 0.42, ESTA and JBTM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESTA and JBTM?
The ESTA/JBTM correlation stands at 0.42 on a 3-year window (1 year: 0.45, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is JBTM a good diversifier for ESTA?
Reasonably. At 0.42, ESTA and JBTM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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.
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Related comparisons
Hubs: ESTA correlations · JBTM correlations
