BAK vs NL: Correlation
How closely do Braskem SA ADR (BAK) and NLI Holdings, Inc. (NL) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAK and NL?
Across a 3-year window, the weekly returns of BAK and NL correlate at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Stretching to 5 years gives 0.25, with an annualized covariance of 899.8 %².
By 3-year correlation, NL places #5 of the 11 assets tracked against BAK. The last year tells two different stories: NL led by 56.5 percentage points, -52.9% for BAK against +3.6% for NL. Risk is not evenly split, since BAK carries 1.5 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.
BAK vs NL: side by side
| BAK (Braskem SA ADR) | NL (NLI Holdings, Inc.) | |
|---|---|---|
| 1-year return | -52.9% | +3.6% |
| 5-year return | -91.9% | +41.5% |
| Volatility (ann.) | 63.5% | 41.2% |
| Beta vs S&P 500 | 0.83 | 0.73 |
| Max drawdown (3Y) | -86.4% | -38.9% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 5.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAK | NL |
|---|---|---|
| 2022 | -54.7% | -1.3% |
| 2023 | -4.1% | -13.5% |
| 2024 | -56.2% | +54.9% |
| 2025 | -23.6% | -23.0% |
| 2026 | -44.4% | +23.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAK and NL good diversifiers for each other?
Reasonably. At 0.34, BAK and NL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BAK and NL?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.36 over the last year and 0.25 over 5 years.
Is NL a good diversifier for BAK?
Reasonably. At 0.34, BAK and NL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 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/bak-vs-nl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bak-vs-nl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAK correlations · NL correlations
