Envela Corporation (ELA) — Stock Correlations & Overview
Over the past year, ELA has moved most closely with SIG, MCFT, AAON. Explore the stocks most correlated and inversely correlated with ELA below, along with its price, financials, and company profile.
Stocks correlated with ELA
Correlation of daily returns. Higher positive values move with ELA; negative values move opposite it. Informational only, not investment advice.
Most correlated with ELA
| Symbol | Company | Correlation |
|---|---|---|
| SIG | Signet Jewelers LimitedRETAIL-JEWELRY STORES | 0.35 |
| MCFT | MasterCraft Boat Holdings, Inc. Common StockSHIP & BOAT BUILDING & REPAIRING | 0.35 |
| AAON | Aaon IncAIR-COND & WARM AIR HEATG EQUIP & COMM & INDL REFRIG EQUIP | 0.35 |
| CLFD | Clearfield, Inc.TELEPHONE & TELEGRAPH APPARATUS | 0.35 |
| BLBD | Blue Bird Corporation Common StockTRUCK & BUS BODIES | 0.34 |
Most inversely correlated with ELA
| Symbol | Company | Correlation |
|---|---|---|
| JETD | MAX Airlines -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.30 |
| INSM | Insmed, Inc.PHARMACEUTICAL PREPARATIONS | -0.29 |
| SDD | ProShares UltraShort SmallCap600 | -0.29 |
| RWM | ProShares Short Russell2000 | -0.28 |
| CARD | MAX Auto Industry -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.28 |
Frequently asked questions about ELA correlations
- Which stocks are most correlated with ELA?
- Based on one year of daily returns, the stocks most correlated with Envela Corporation (ELA) are SIG (0.35), MCFT (0.35) and AAON (0.35). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with ELA?
- Over the past year, the stocks most inversely correlated with Envela Corporation (ELA) are JETD (-0.30), INSM (-0.29) and SDD (-0.29). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these ELA correlations calculated?
- We compute the correlation of daily returns between ELA and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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