ESTC vs NLOP: Correlation
Measured on weekly returns over the past three years, Elastic N.V. (ESTC) and Net Lease Office Properties (NLOP) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and NLOP?
On 3 years of weekly data the ESTC/NLOP correlation comes out at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.11) runs below the 3-year figure (0.33). The 5-year figure is n/a, and annualized covariance runs at 720.4 %².
Among the 14 assets we track against ESTC, NLOP sits near the bottom by co-movement, at rank #10. On 12-month performance NLOP holds a 7.5-point edge, +0.5% against +8.0%.
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 NLOP: side by side
| ESTC (Elastic N.V.) | NLOP (Net Lease Office Properties) | |
|---|---|---|
| 1-year return | +0.5% | +8.0% |
| 5-year return | -47.3% | n/a |
| Volatility (ann.) | 55.1% | 39.2% |
| Beta vs S&P 500 | 1.44 | 0.18 |
| Max drawdown (3Y) | -67.6% | -46.0% |
| Market cap | $8.7B | $0.2B |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTC | NLOP |
|---|---|---|
| 2022 | -58.2% | – |
| 2023 | +118.8% | – |
| 2024 | -12.1% | +68.9% |
| 2025 | -23.9% | +5.9% |
| 2026 | +11.0% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and NLOP good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ESTC and NLOP?
As of 2026-08-27, the correlation of weekly returns between ESTC and NLOP is 0.33 over 3 years, 0.11 over 1 year and n/a over 5 years.
Is NLOP a good diversifier for ESTC?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: ESTC correlations · NLOP correlations
