APLD vs NPWR: Correlation
Applied Digital Corporation (APLD) and NET Power Inc. (NPWR) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLD and NPWR?
On 3 years of weekly data the APLD/NPWR correlation comes out at 0.33, moderate. The past 12 months show a tighter link (0.55) than the 3-year average (0.33). The 5-year figure is 0.16, and annualized covariance runs at 3176.4 %².
Among the 15 assets we track against APLD, NPWR sits near the bottom by co-movement, at rank #11. The last year tells two different stories: APLD led by 92.4 percentage points, +64.3% for APLD against -28.1% for NPWR.
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.
APLD vs NPWR: side by side
| APLD (Applied Digital Corporation) | NPWR (NET Power Inc.) | |
|---|---|---|
| 1-year return | +64.3% | -28.1% |
| 5-year return | +465.8% | -80.6% |
| Volatility (ann.) | 117.7% | 80.8% |
| Beta vs S&P 500 | 2.73 | 1.46 |
| Max drawdown (3Y) | -71.9% | -91.8% |
| Market cap | $7.8B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLD | NPWR |
|---|---|---|
| 2022 | – | +1.7% |
| 2023 | +266.3% | -0.7% |
| 2024 | +13.4% | +4.9% |
| 2025 | +220.9% | -78.5% |
| 2026 | +11.9% | -17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLD and NPWR good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APLD and NPWR?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.55 over the last year and 0.16 over 5 years.
Is NPWR a good diversifier for APLD?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apld-vs-npwr.json
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Related comparisons
Hubs: APLD correlations · NPWR correlations
