AI vs NTAP: Correlation
How closely do C3.ai, Inc. (AI) and NetApp (NTAP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AI and NTAP?
Across a 3-year window, the weekly returns of AI and NTAP correlate at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 1327.7 %².
Among the 15 assets we track against AI, NTAP ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 113.3 percentage points (-40.3% for AI against +73.0% for NTAP). Note the risk asymmetry: AI runs 1.7 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.
AI vs NTAP: side by side
| AI (C3.ai, Inc.) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | -40.3% | +73.0% |
| 5-year return | -79.8% | +141.7% |
| Volatility (ann.) | 65.5% | 37.6% |
| Beta vs S&P 500 | 2.09 | 1.38 |
| Max drawdown (3Y) | -81.9% | -42.6% |
| Market cap | – | $37.4B |
| P/E (trailing) | – | 30.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | AI | NTAP |
|---|---|---|
| 2022 | -64.2% | -32.9% |
| 2023 | +156.6% | +51.1% |
| 2024 | +19.9% | +34.2% |
| 2025 | -60.8% | -5.9% |
| 2026 | -23.4% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AI and NTAP good diversifiers for each other?
Only partially. A correlation of 0.54 means AI and NTAP 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 AI and NTAP?
The AI/NTAP correlation stands at 0.54 on a 3-year window (1 year: 0.50, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is NTAP a good diversifier for AI?
Only partially. A correlation of 0.54 means AI and NTAP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ai-vs-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ai-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AI correlations · NTAP correlations
