ACDC vs NOA: Correlation
How closely do ProFrac Holding Corp. (ACDC) and North American Construction Group Ltd. (NOA) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACDC and NOA?
Over the past 3 years, ACDC and NOA moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 1233.9 %².
Among the 12 assets we track against ACDC, NOA ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ACDC outperformed by 24.7 percentage points (+26.7% for ACDC against +2.0% for NOA). Risk is not evenly split, since ACDC carries 2.1 times the volatility of the other side.
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.
ACDC vs NOA: side by side
| ACDC (ProFrac Holding Corp.) | NOA (North American Construction Group Ltd.) | |
|---|---|---|
| 1-year return | +26.7% | +2.0% |
| 5-year return | -71.0% | +2.6% |
| Volatility (ann.) | 79.9% | 37.5% |
| Beta vs S&P 500 | 1.30 | 0.84 |
| Max drawdown (3Y) | -73.1% | -51.3% |
| Market cap | $1.0B | $0.4B |
| P/E (trailing) | – | 16.5 |
| Dividend yield | 0.00% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ACDC | NOA |
|---|---|---|
| 2022 | – | -9.8% |
| 2023 | -66.3% | +58.3% |
| 2024 | -8.5% | +5.2% |
| 2025 | -49.9% | -32.8% |
| 2026 | +35.2% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACDC and NOA good diversifiers for each other?
Reasonably. At 0.41, ACDC and NOA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ACDC and NOA?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.05 over the last year and 0.37 over 5 years.
Is NOA a good diversifier for ACDC?
Reasonably. At 0.41, ACDC and NOA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ACDC correlations · NOA correlations
