DFNS vs NBHC: Correlation
T3 Defense Inc. (DFNS) and National Bank Holdings Corporation (NBHC) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and NBHC?
On 3 years of weekly data the DFNS/NBHC correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.20). The 5-year figure is -0.15, and annualized covariance runs at -30945.2 %².
Among the 44 assets we track against DFNS, NBHC ranks #21 by 3-year correlation. The last year tells two different stories: DFNS led by 186.4 percentage points, +193.5% for DFNS against +7.1% for NBHC. Note the risk asymmetry: DFNS runs 245.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DFNS vs NBHC: side by side
| DFNS (T3 Defense Inc.) | NBHC (National Bank Holdings Corporation) | |
|---|---|---|
| 1-year return | +193.5% | +7.1% |
| 5-year return | -77.9% | +26.8% |
| Volatility (ann.) | 6136.1% | 25.0% |
| Beta vs S&P 500 | -23.33 | 0.75 |
| Max drawdown (3Y) | -99.9% | -32.9% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 17.4 |
| Dividend yield | 0.00% | 3.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | NBHC |
|---|---|---|
| 2022 | +5.0% | -2.2% |
| 2023 | -62.5% | -8.8% |
| 2024 | +59.9% | +19.1% |
| 2025 | -89.0% | -8.9% |
| 2026 | +215.4% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and NBHC good diversifiers for each other?
Yes. With a correlation of -0.20, DFNS and NBHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DFNS and NBHC?
The DFNS/NBHC correlation stands at -0.20 on a 3-year window (1 year: -0.33, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is NBHC a good diversifier for DFNS?
Yes. With a correlation of -0.20, DFNS and NBHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/dfns-vs-nbhc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dfns-vs-nbhc/)
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Related comparisons
Hubs: DFNS correlations · NBHC correlations
