FENC vs NL: Correlation
Fennec Pharmaceuticals Inc. (FENC) and NLI Holdings, Inc. (NL) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FENC and NL?
Over the past 3 years, FENC and NL moved with a correlation of 0.37, which is moderate. The past 12 months show a tighter link (0.50) than the 3-year average (0.37). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 887.8 %².
Among the 14 assets we track against FENC, NL ranks #6 by 3-year correlation. The last year tells two different stories: FENC led by 26.6 percentage points, +30.2% for FENC against +3.6% for NL.
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.
FENC vs NL: side by side
| FENC (Fennec Pharmaceuticals Inc.) | NL (NLI Holdings, Inc.) | |
|---|---|---|
| 1-year return | +30.2% | +3.6% |
| 5-year return | +49.7% | +41.5% |
| Volatility (ann.) | 58.3% | 41.2% |
| Beta vs S&P 500 | 1.41 | 0.73 |
| Max drawdown (3Y) | -65.6% | -38.9% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 5.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FENC | NL |
|---|---|---|
| 2022 | +118.2% | -1.3% |
| 2023 | +16.9% | -13.5% |
| 2024 | -43.7% | +54.9% |
| 2025 | +21.8% | -23.0% |
| 2026 | +52.9% | +23.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FENC and NL good diversifiers for each other?
Reasonably. At 0.37, FENC and NL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FENC and NL?
As of 2026-08-27, the correlation of weekly returns between FENC and NL is 0.37 over 3 years, 0.50 over 1 year and 0.23 over 5 years.
Is NL a good diversifier for FENC?
Reasonably. At 0.37, FENC and NL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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/fenc-vs-nl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fenc-vs-nl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FENC correlations · NL correlations
