CL vs NCSM: Correlation
How closely do Colgate-Palmolive (CL) and NCS Multistage Holdings, Inc. (NCSM) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CL and NCSM?
Across a 3-year window, the weekly returns of CL and NCSM correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.24). Stretching to 5 years gives -0.13, with an annualized covariance of -269.2 %².
Among the 40 assets we track against CL, NCSM ranks #35 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NCSM outperformed by 24.1 percentage points (+10.4% for CL against +34.5% for NCSM). One caveat on sizing: NCSM is 3.9 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.
CL vs NCSM: side by side
| CL (Colgate-Palmolive) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +10.4% | +34.5% |
| 5-year return | +32.0% | +112.6% |
| Volatility (ann.) | 16.9% | 66.0% |
| Beta vs S&P 500 | 0.17 | 0.05 |
| Max drawdown (3Y) | -29.0% | -53.3% |
| Market cap | $72.5B | $0.1B |
| P/E (trailing) | 36.2 | 9.7 |
| Dividend yield | 2.27% | 0.00% |
| Sector / category | Consumer Staples | US Listed |
Year-by-year returns
| Year | CL | NCSM |
|---|---|---|
| 2022 | -5.4% | -13.8% |
| 2023 | +3.8% | -28.6% |
| 2024 | +16.6% | +45.4% |
| 2025 | -11.0% | +52.1% |
| 2026 | +17.2% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CL and NCSM good diversifiers for each other?
Yes. With a correlation of -0.24, CL and NCSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CL and NCSM?
The CL/NCSM correlation stands at -0.24 on a 3-year window (1 year: -0.40, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is NCSM a good diversifier for CL?
Yes. With a correlation of -0.24, CL and NCSM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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
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Related comparisons
Hubs: CL correlations · NCSM correlations
