CDNS vs NBXG: Correlation
Measured on weekly returns over the past three years, Cadence Design Systems (CDNS) and Neuberger Next Generation Connectivity Fund Inc. (NBXG) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNS and NBXG?
Across a 3-year window, the weekly returns of CDNS and NBXG correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 475.9 %².
Among the 34 assets we track against CDNS, NBXG ranks #12 by 3-year correlation. Over the last 12 months NBXG came out ahead by 13.6 percentage points (+0.2% against +13.8%). One caveat on sizing: CDNS is 1.6 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.
CDNS vs NBXG: side by side
| CDNS (Cadence Design Systems) | NBXG (Neuberger Next Generation Connectivity Fund Inc.) | |
|---|---|---|
| 1-year return | +0.2% | +13.8% |
| 5-year return | +112.1% | +25.6% |
| Volatility (ann.) | 35.8% | 22.4% |
| Beta vs S&P 500 | 1.45 | 1.28 |
| Max drawdown (3Y) | -29.1% | -22.1% |
| Market cap | $95.7B | $1.2B |
| P/E (trailing) | 66.7 | 3.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDNS | NBXG |
|---|---|---|
| 2022 | -13.8% | -41.4% |
| 2023 | +69.6% | +34.9% |
| 2024 | +10.3% | +28.5% |
| 2025 | +4.0% | +24.2% |
| 2026 | +11.2% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNS and NBXG good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CDNS and NBXG?
The CDNS/NBXG correlation stands at 0.60 on a 3-year window (1 year: 0.51, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is NBXG a good diversifier for CDNS?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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.
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Related comparisons
Hubs: CDNS correlations · NBXG correlations
