BZ vs NA: Correlation
KANZHUN LIMITED - American Depository Shares (BZ) and Nano Labs Ltd - Class A (NA) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BZ and NA?
Over the past 3 years, BZ and NA moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.36 over 3 years. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 3183.7 %².
Within BZ's tracked universe of 17 assets, NA comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BZ ahead by 44.6 points (-20.7% versus -65.3%). Risk is not evenly split, since NA carries 3.7 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.
BZ vs NA: side by side
| BZ (KANZHUN LIMITED - American Depository Shares) | NA (Nano Labs Ltd - Class A) | |
|---|---|---|
| 1-year return | -20.7% | -65.3% |
| 5-year return | -47.9% | -98.2% |
| Volatility (ann.) | 49.3% | 181.1% |
| Beta vs S&P 500 | 1.20 | 0.36 |
| Max drawdown (3Y) | -51.6% | -92.7% |
| Market cap | $8.0B | – |
| P/E (trailing) | 12.9 | 2.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BZ | NA |
|---|---|---|
| 2022 | -41.6% | – |
| 2023 | -17.5% | +57.4% |
| 2024 | -16.9% | -50.5% |
| 2025 | +48.7% | -64.8% |
| 2026 | -11.7% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BZ and NA 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 BZ and NA?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.06 over the last year and 0.23 over 5 years.
Is NA a good diversifier for BZ?
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?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bz-vs-na.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bz-vs-na/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BZ correlations · NA correlations
