EVLV vs RMT: Correlation
How closely do Evolv Technologies Holdings, Inc. (EVLV) and Royce Micro-Cap Trust, Inc. (RMT) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVLV and RMT?
On 3 years of weekly data the EVLV/RMT correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.47). The 5-year figure is 0.38, and annualized covariance runs at 758.5 %².
Among the 12 assets we track against EVLV, RMT ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RMT outperformed by 84.9 percentage points (-36.5% for EVLV against +48.4% for RMT). Note the risk asymmetry: EVLV runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EVLV vs RMT: side by side
| EVLV (Evolv Technologies Holdings, Inc.) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -36.5% | +48.4% |
| 5-year return | -34.1% | +80.1% |
| Volatility (ann.) | 78.6% | 20.5% |
| Beta vs S&P 500 | 2.05 | 1.09 |
| Max drawdown (3Y) | -69.2% | -26.4% |
| Market cap | $1.0B | $0.8B |
| P/E (trailing) | – | 8.5 |
| Dividend yield | 0.00% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EVLV | RMT |
|---|---|---|
| 2022 | -41.9% | -16.8% |
| 2023 | +82.2% | +15.8% |
| 2024 | -16.3% | +14.0% |
| 2025 | +81.3% | +16.1% |
| 2026 | -25.7% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVLV and RMT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EVLV and RMT?
The EVLV/RMT correlation stands at 0.47 on a 3-year window (1 year: 0.34, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is RMT a good diversifier for EVLV?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: EVLV correlations · RMT correlations
