ESTC vs SNOW: Correlation
Measured on weekly returns over the past three years, Elastic N.V. (ESTC) and Snowflake Inc. (SNOW) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and SNOW?
On 3 years of weekly data the ESTC/SNOW correlation comes out at 0.62, strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.62 over 3. The 5-year figure is 0.63, and annualized covariance runs at 1903.6 %².
In ESTC's tracked universe of 14 assets, SNOW sits right near the top at #1. The last year tells two different stories: SNOW led by 63.7 percentage points, +0.5% for ESTC against +64.2% for SNOW.
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 SNOW: side by side
| ESTC (Elastic N.V.) | SNOW (Snowflake Inc.) | |
|---|---|---|
| 1-year return | +0.5% | +64.2% |
| 5-year return | -47.3% | +10.5% |
| Volatility (ann.) | 55.1% | 55.4% |
| Beta vs S&P 500 | 1.44 | 1.41 |
| Max drawdown (3Y) | -67.6% | -56.3% |
| Market cap | $8.7B | $114.1B |
| P/E (trailing) | 23.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESTC | SNOW |
|---|---|---|
| 2022 | -58.2% | -57.6% |
| 2023 | +118.8% | +38.6% |
| 2024 | -12.1% | -22.4% |
| 2025 | -23.9% | +42.1% |
| 2026 | +11.0% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and SNOW good diversifiers for each other?
Only partially. A correlation of 0.62 means ESTC and SNOW 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 SNOW?
The ESTC/SNOW correlation stands at 0.62 on a 3-year window (1 year: 0.68, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SNOW a good diversifier for ESTC?
Only partially. A correlation of 0.62 means ESTC and SNOW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/estc-vs-snow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/estc-vs-snow/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESTC correlations · SNOW correlations
