CECO vs NPKI: Correlation
How closely do CECO Environmental Corp. (CECO) and NPK International Inc. (NPKI) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CECO and NPKI?
Over the past 3 years, CECO and NPKI moved with a correlation of 0.44, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.44 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 968.5 %².
Within CECO's tracked universe of 12 assets, NPKI comes in at #4 by 3-year correlation. The last year tells two different stories: CECO led by 22.5 percentage points, +54.1% for CECO against +31.6% for NPKI.
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.
CECO vs NPKI: side by side
| CECO (CECO Environmental Corp.) | NPKI (NPK International Inc.) | |
|---|---|---|
| 1-year return | +54.1% | +31.6% |
| 5-year return | +853.0% | +429.3% |
| Volatility (ann.) | 54.0% | 41.0% |
| Beta vs S&P 500 | 0.97 | 0.88 |
| Max drawdown (3Y) | -47.9% | -42.1% |
| Market cap | $4.2B | $1.2B |
| P/E (trailing) | – | 28.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CECO | NPKI |
|---|---|---|
| 2022 | +87.5% | +41.2% |
| 2023 | +73.6% | +60.0% |
| 2024 | +49.1% | +15.5% |
| 2025 | +98.0% | +55.4% |
| 2026 | +20.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CECO and NPKI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CECO and NPKI?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.58 over the last year and 0.36 over 5 years.
Is NPKI a good diversifier for CECO?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ceco-vs-npki.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ceco-vs-npki/)
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Related comparisons
Hubs: CECO correlations · NPKI correlations
