COHR vs NOA: Correlation
Measured on weekly returns over the past three years, Coherent Corp. (COHR) and North American Construction Group Ltd. (NOA) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and NOA?
Across a 3-year window, the weekly returns of COHR and NOA correlate at 0.41, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.41). Stretching to 5 years gives 0.33, with an annualized covariance of 995.3 %².
Within COHR's tracked universe of 41 assets, NOA comes in at #29 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months COHR outperformed by 223.6 percentage points (+225.6% for COHR against +2.0% for NOA). Risk is not evenly split, since COHR carries 1.7 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.
COHR vs NOA: side by side
| COHR (Coherent Corp.) | NOA (North American Construction Group Ltd.) | |
|---|---|---|
| 1-year return | +225.6% | +2.0% |
| 5-year return | +368.6% | +2.6% |
| Volatility (ann.) | 65.0% | 37.5% |
| Beta vs S&P 500 | 2.76 | 0.84 |
| Max drawdown (3Y) | -54.8% | -51.3% |
| Market cap | $57.8B | $0.4B |
| P/E (trailing) | 71.4 | 16.5 |
| Dividend yield | 0.00% | 3.61% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | COHR | NOA |
|---|---|---|
| 2022 | -48.6% | -9.8% |
| 2023 | +24.0% | +58.3% |
| 2024 | +117.6% | +5.2% |
| 2025 | +94.8% | -32.8% |
| 2026 | +60.0% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COHR and NOA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COHR and NOA?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.25 over the last year and 0.33 over 5 years.
Is NOA a good diversifier for COHR?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/cohr-vs-noa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cohr-vs-noa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COHR correlations · NOA correlations
