BTBT vs NMAD: Correlation
How closely do Bit Digital, Inc. (BTBT) and Nomad Power Solutions, Inc. (NMAD) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTBT and NMAD?
Over the past 3 years, BTBT and NMAD moved with a correlation of 0.36, which is moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.36 over 3. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 6043.4 %².
Among the 24 assets we track against BTBT, NMAD sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months NMAD outperformed by 71.2 percentage points (-42.0% for BTBT against +29.2% for NMAD). Note the risk asymmetry: NMAD runs 2.3 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.
BTBT vs NMAD: side by side
| BTBT (Bit Digital, Inc.) | NMAD (Nomad Power Solutions, Inc.) | |
|---|---|---|
| 1-year return | -42.0% | +29.2% |
| 5-year return | -87.6% | -80.2% |
| Volatility (ann.) | 85.4% | 197.9% |
| Beta vs S&P 500 | 2.24 | 0.82 |
| Max drawdown (3Y) | -78.1% | -80.8% |
| Market cap | $0.6B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTBT | NMAD |
|---|---|---|
| 2022 | -90.1% | -57.1% |
| 2023 | +605.0% | -53.9% |
| 2024 | -30.7% | -13.6% |
| 2025 | -35.5% | +93.6% |
| 2026 | -15.9% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTBT and NMAD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BTBT and NMAD?
The BTBT/NMAD correlation stands at 0.36 on a 3-year window (1 year: 0.35, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is NMAD a good diversifier for BTBT?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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/btbt-vs-nmad.json
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[](https://www.pairbook.io/pair/btbt-vs-nmad/)
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Related comparisons
Hubs: BTBT correlations · NMAD correlations
