CVX vs NCSM: Correlation
Measured on weekly returns over the past three years, Chevron Corporation (CVX) and NCS Multistage Holdings, Inc. (NCSM) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and NCSM?
On 3 years of weekly data the CVX/NCSM correlation comes out at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 483.4 %².
Within CVX's tracked universe of 29 assets, NCSM comes in at #17 by 3-year correlation. Neither side won the trailing year by much: +30.4% against +34.5%. Risk is not evenly split, since NCSM carries 2.8 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.
CVX vs NCSM: side by side
| CVX (Chevron Corporation) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +30.4% | +34.5% |
| 5-year return | +148.1% | +112.6% |
| Volatility (ann.) | 23.8% | 66.0% |
| Beta vs S&P 500 | 0.22 | 0.05 |
| Max drawdown (3Y) | -20.8% | -53.3% |
| Market cap | $391.9B | $0.1B |
| P/E (trailing) | 19.3 | 9.7 |
| Dividend yield | 3.49% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | NCSM |
|---|---|---|
| 2022 | +58.5% | -13.8% |
| 2023 | -13.6% | -28.6% |
| 2024 | +1.3% | +45.4% |
| 2025 | +10.1% | +52.1% |
| 2026 | +34.7% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and NCSM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVX and NCSM?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.23 over the last year and 0.37 over 5 years.
Is NCSM a good diversifier for CVX?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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/cvx-vs-ncsm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvx-vs-ncsm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVX correlations · NCSM correlations
