BOLD vs FIZZ: Correlation
How closely do Boundless Bio, Inc. (BOLD) and National Beverage Corp. (FIZZ) 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 BOLD and FIZZ?
On 3 years of weekly data the BOLD/FIZZ correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.23). The 5-year figure is n/a, and annualized covariance runs at -524.9 %².
FIZZ is close to the least connected end of BOLD's tracked universe, ranking #16 of 18. Their recent paths diverged sharply: over the last 12 months BOLD outperformed by 165.9 percentage points (+150.9% for BOLD against -15.0% for FIZZ). One caveat on sizing: BOLD is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BOLD vs FIZZ: side by side
| BOLD (Boundless Bio, Inc.) | FIZZ (National Beverage Corp.) | |
|---|---|---|
| 1-year return | +150.9% | -15.0% |
| 5-year return | n/a | -9.3% |
| Volatility (ann.) | 90.9% | 24.4% |
| Beta vs S&P 500 | 1.60 | 0.36 |
| Max drawdown (3Y) | -92.9% | -41.3% |
| Market cap | $0.1B | $3.0B |
| P/E (trailing) | – | 16.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOLD | FIZZ |
|---|---|---|
| 2022 | – | +2.6% |
| 2023 | – | +6.9% |
| 2024 | – | -8.0% |
| 2025 | -58.6% | -25.3% |
| 2026 | +138.3% | +12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOLD and FIZZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOLD and FIZZ?
The BOLD/FIZZ correlation stands at -0.23 on a 3-year window (1 year: -0.42, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FIZZ a good diversifier for BOLD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
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/bold-vs-fizz.json
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Related comparisons
Hubs: BOLD correlations · FIZZ correlations
