DWTX vs NDLS: Correlation
How closely do Dogwood Therapeutics, Inc. (DWTX) and Noodles & Company (NDLS) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DWTX and NDLS?
Across a 3-year window, the weekly returns of DWTX and NDLS correlate at 0.32, moderate. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (0.32). Stretching to 5 years gives 0.28, with an annualized covariance of 10017.7 %².
By 3-year correlation, NDLS places #9 of the 18 assets tracked against DWTX. The last year tells two different stories: NDLS led by 210.1 percentage points, -50.1% for DWTX against +160.0% for NDLS. Risk is not evenly split, since DWTX carries 3.2 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.
DWTX vs NDLS: side by side
| DWTX (Dogwood Therapeutics, Inc.) | NDLS (Noodles & Company) | |
|---|---|---|
| 1-year return | -50.1% | +160.0% |
| 5-year return | -98.2% | -85.0% |
| Volatility (ann.) | 314.7% | 98.0% |
| Beta vs S&P 500 | 2.56 | 1.03 |
| Max drawdown (3Y) | -95.6% | -85.6% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 1.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DWTX | NDLS |
|---|---|---|
| 2022 | -95.4% | -39.5% |
| 2023 | +143.6% | -42.6% |
| 2024 | -82.7% | -81.6% |
| 2025 | +67.1% | +22.4% |
| 2026 | -44.2% | +160.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DWTX and NDLS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DWTX and NDLS?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with -0.34 over the last year and 0.28 over 5 years.
Is NDLS a good diversifier for DWTX?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dwtx-vs-ndls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dwtx-vs-ndls/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DWTX correlations · NDLS correlations
