AMCR vs NCSM: Correlation
How closely do Amcor (AMCR) and NCS Multistage Holdings, Inc. (NCSM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMCR and NCSM?
Across a 3-year window, the weekly returns of AMCR and NCSM correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.23). Stretching to 5 years gives -0.07, with an annualized covariance of -365.6 %².
By 3-year correlation, NCSM places #31 of the 36 assets tracked against AMCR. The last year tells two different stories: NCSM led by 21.9 percentage points, +12.6% for AMCR against +34.5% for NCSM. Note the risk asymmetry: NCSM runs 2.7 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.
AMCR vs NCSM: side by side
| AMCR (Amcor) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +12.6% | +34.5% |
| 5-year return | -9.8% | +112.6% |
| Volatility (ann.) | 24.5% | 66.0% |
| Beta vs S&P 500 | 0.46 | 0.05 |
| Max drawdown (3Y) | -32.0% | -53.3% |
| Market cap | $21.5B | $0.1B |
| P/E (trailing) | 19.8 | 9.7 |
| Dividend yield | 5.51% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AMCR | NCSM |
|---|---|---|
| 2022 | +3.2% | -13.8% |
| 2023 | -15.0% | -28.6% |
| 2024 | +2.6% | +45.4% |
| 2025 | -9.0% | +52.1% |
| 2026 | +14.9% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMCR and NCSM good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMCR and NCSM?
As of 2026-08-27, the correlation of weekly returns between AMCR and NCSM is -0.23 over 3 years, -0.37 over 1 year and -0.07 over 5 years.
Is NCSM a good diversifier for AMCR?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/amcr-vs-ncsm.json
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Related comparisons
Hubs: AMCR correlations · NCSM correlations
