ALP vs NAZ: Correlation
Measured on weekly returns over the past three years, Alpha Compute Corp (ALP) and Nuveen Arizona Quality Municipal Income Fund (NAZ) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALP and NAZ?
On 3 years of weekly data the ALP/NAZ correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.07) than the 3-year average (-0.20). The 5-year figure is -0.08, and annualized covariance runs at -467.9 %².
Among the 10 assets we track against ALP, NAZ sits near the bottom by co-movement, at rank #8. The last year tells two different stories: NAZ led by 108.5 percentage points, -97.6% for ALP against +10.9% for NAZ. One caveat on sizing: ALP is 16.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALP vs NAZ: side by side
| ALP (Alpha Compute Corp) | NAZ (Nuveen Arizona Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -97.6% | +10.9% |
| 5-year return | -100.0% | +0.2% |
| Volatility (ann.) | 195.0% | 11.7% |
| Beta vs S&P 500 | 1.99 | 0.25 |
| Max drawdown (3Y) | -99.8% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | – | 22.0 |
| Dividend yield | 0.00% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALP | NAZ |
|---|---|---|
| 2022 | -50.7% | -27.2% |
| 2023 | -65.6% | -0.5% |
| 2024 | -85.8% | +13.0% |
| 2025 | -88.4% | +12.1% |
| 2026 | -70.6% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALP and NAZ good diversifiers for each other?
Yes. With a correlation of -0.20, ALP and NAZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALP and NAZ?
As of 2026-08-27, the correlation of weekly returns between ALP and NAZ is -0.20 over 3 years, 0.07 over 1 year and -0.08 over 5 years.
Is NAZ a good diversifier for ALP?
Yes. With a correlation of -0.20, ALP and NAZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/alp-vs-naz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alp-vs-naz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALP correlations · NAZ correlations
