CNEY vs NA: Correlation
How closely do CN Energy Group Inc. - Class A (CNEY) and Nano Labs Ltd - Class A (NA) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNEY and NA?
Across a 3-year window, the weekly returns of CNEY and NA correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.48 over 3 years. Stretching to 5 years gives 0.38, with an annualized covariance of 14681.9 %².
NA is one of the assets that tracks CNEY most closely: it ranks #1 out of the 10 assets we track against CNEY. The trailing year gives NA the advantage: -73.4% versus -65.3%, a 8.1-point spread.
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.
CNEY vs NA: side by side
| CNEY (CN Energy Group Inc. - Class A) | NA (Nano Labs Ltd - Class A) | |
|---|---|---|
| 1-year return | -73.4% | -65.3% |
| 5-year return | -100.0% | -98.2% |
| Volatility (ann.) | 169.1% | 181.1% |
| Beta vs S&P 500 | 1.83 | 0.36 |
| Max drawdown (3Y) | -99.7% | -92.7% |
| Market cap | – | – |
| P/E (trailing) | – | 2.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNEY | NA |
|---|---|---|
| 2022 | -73.2% | – |
| 2023 | -91.3% | +57.4% |
| 2024 | -84.3% | -50.5% |
| 2025 | -92.2% | -64.8% |
| 2026 | -0.1% | -32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNEY and NA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNEY and NA?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.01 over the last year and 0.38 over 5 years.
Is NA a good diversifier for CNEY?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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/cney-vs-na.json
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Related comparisons
Hubs: CNEY correlations · NA correlations
