ESTC vs GTLB: Correlation
Elastic N.V. (ESTC) and GitLab Inc. (GTLB) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and GTLB?
Over the past 3 years, ESTC and GTLB moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1560.8 %².
Within ESTC's tracked universe of 14 assets, GTLB comes in at #5 by 3-year correlation. The trailing year gives ESTC the advantage: +0.5% versus -5.2%, a 5.7-point spread.
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.
ESTC vs GTLB: side by side
| ESTC (Elastic N.V.) | GTLB (GitLab Inc.) | |
|---|---|---|
| 1-year return | +0.5% | -5.2% |
| 5-year return | -47.3% | -56.9% |
| Volatility (ann.) | 55.1% | 52.0% |
| Beta vs S&P 500 | 1.44 | 1.49 |
| Max drawdown (3Y) | -67.6% | -75.0% |
| Market cap | $8.7B | $7.6B |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTC | GTLB |
|---|---|---|
| 2022 | -58.2% | -47.8% |
| 2023 | +118.8% | +38.6% |
| 2024 | -12.1% | -10.5% |
| 2025 | -23.9% | -33.4% |
| 2026 | +11.0% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and GTLB good diversifiers for each other?
Only partially. A correlation of 0.54 means ESTC and GTLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ESTC and GTLB?
The ESTC/GTLB correlation stands at 0.54 on a 3-year window (1 year: 0.64, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is GTLB a good diversifier for ESTC?
Only partially. A correlation of 0.54 means ESTC and GTLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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/estc-vs-gtlb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/estc-vs-gtlb/)
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Related comparisons
Hubs: ESTC correlations · GTLB correlations
