BDMD vs NRXP: Correlation
Measured on weekly returns over the past three years, Baird Medical Investment Holdings Ltd (BDMD) and NRX Pharmaceuticals, Inc. (NRXP) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDMD and NRXP?
Across a 3-year window, the weekly returns of BDMD and NRXP correlate at 0.42, moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.42). Stretching to 5 years gives 0.35, with an annualized covariance of 8965.0 %².
Within BDMD's tracked universe of 15 assets, NRXP comes in at #4 by 3-year correlation. The last year tells two different stories: NRXP led by 95.2 percentage points, -54.9% for BDMD against +40.3% for NRXP. Note the risk asymmetry: BDMD runs 1.7 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.
BDMD vs NRXP: side by side
| BDMD (Baird Medical Investment Holdings Ltd) | NRXP (NRX Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -54.9% | +40.3% |
| 5-year return | -88.5% | -97.5% |
| Volatility (ann.) | 187.8% | 112.5% |
| Beta vs S&P 500 | -0.54 | 1.30 |
| Max drawdown (3Y) | -93.6% | -83.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDMD | NRXP |
|---|---|---|
| 2022 | +4.1% | -76.8% |
| 2023 | +4.4% | -58.6% |
| 2024 | -29.0% | -52.2% |
| 2025 | -82.1% | +23.2% |
| 2026 | -18.4% | +33.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDMD and NRXP good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BDMD and NRXP?
As of 2026-08-27, the correlation of weekly returns between BDMD and NRXP is 0.42 over 3 years, 0.08 over 1 year and 0.35 over 5 years.
Is NRXP a good diversifier for BDMD?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/bdmd-vs-nrxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdmd-vs-nrxp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDMD correlations · NRXP correlations
