BDL vs NMAD: Correlation
Flanigan's Enterprises, Inc. (BDL) and Nomad Power Solutions, Inc. (NMAD) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDL and NMAD?
Across a 3-year window, the weekly returns of BDL and NMAD correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.17, with an annualized covariance of -1854.2 %².
Out of 12 assets tracked against BDL, NMAD lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with BDL ahead by 34.7 points (+63.9% versus +29.2%). Note the risk asymmetry: NMAD runs 5.0 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.
BDL vs NMAD: side by side
| BDL (Flanigan's Enterprises, Inc.) | NMAD (Nomad Power Solutions, Inc.) | |
|---|---|---|
| 1-year return | +63.9% | +29.2% |
| 5-year return | +118.2% | -80.2% |
| Volatility (ann.) | 39.5% | 197.9% |
| Beta vs S&P 500 | 0.37 | 0.82 |
| Max drawdown (3Y) | -30.5% | -80.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 1.16% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDL | NMAD |
|---|---|---|
| 2022 | -13.7% | -57.1% |
| 2023 | +0.8% | -53.9% |
| 2024 | +0.0% | -13.6% |
| 2025 | +19.2% | +93.6% |
| 2026 | +64.1% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDL and NMAD good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BDL and NMAD?
The BDL/NMAD correlation stands at -0.24 on a 3-year window (1 year: -0.09, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is NMAD a good diversifier for BDL?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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/bdl-vs-nmad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdl-vs-nmad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BDL correlations · NMAD correlations
