DHT vs NAT: Correlation
Measured on weekly returns over the past three years, DHT Holdings, Inc. (DHT) and Nordic American Tankers Limited (NAT) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHT and NAT?
On 3 years of weekly data the DHT/NAT correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 956.7 %².
In DHT's tracked universe of 12 assets, NAT sits right near the top at #3. The last year tells two different stories: NAT led by 47.9 percentage points, +89.7% for DHT against +137.6% for NAT.
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.
DHT vs NAT: side by side
| DHT (DHT Holdings, Inc.) | NAT (Nordic American Tankers Limited) | |
|---|---|---|
| 1-year return | +89.7% | +137.6% |
| 5-year return | +422.1% | +351.2% |
| Volatility (ann.) | 33.2% | 36.0% |
| Beta vs S&P 500 | 0.29 | 0.30 |
| Max drawdown (3Y) | -25.0% | -46.3% |
| Market cap | $3.1B | – |
| P/E (trailing) | 6.6 | 25.0 |
| Dividend yield | 13.37% | 9.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHT | NAT |
|---|---|---|
| 2022 | +73.9% | +87.9% |
| 2023 | +24.1% | +55.8% |
| 2024 | +3.6% | -33.6% |
| 2025 | +35.2% | +44.6% |
| 2026 | +79.6% | +111.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHT and NAT good diversifiers for each other?
No: a correlation of 0.80 means DHT and NAT tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DHT and NAT?
As of 2026-08-27, the correlation of weekly returns between DHT and NAT is 0.80 over 3 years, 0.83 over 1 year and 0.74 over 5 years.
Is NAT a good diversifier for DHT?
No: a correlation of 0.80 means DHT and NAT tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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/dht-vs-nat.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dht-vs-nat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DHT correlations · NAT correlations
