FET vs NCSM: Correlation
Measured on weekly returns over the past three years, Forum Energy Technologies, Inc. (FET) and NCS Multistage Holdings, Inc. (NCSM) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and NCSM?
On 3 years of weekly data the FET/NCSM correlation comes out at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 1058.0 %².
Within FET's tracked universe of 12 assets, NCSM comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FET ahead by 178.2 points (+212.7% versus +34.5%).
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.
FET vs NCSM: side by side
| FET (Forum Energy Technologies, Inc.) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +212.7% | +34.5% |
| 5-year return | +307.0% | +112.6% |
| Volatility (ann.) | 49.1% | 66.0% |
| Beta vs S&P 500 | 0.80 | 0.05 |
| Max drawdown (3Y) | -47.1% | -53.3% |
| Market cap | $0.9B | $0.1B |
| P/E (trailing) | – | 9.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | NCSM |
|---|---|---|
| 2022 | +83.8% | -13.8% |
| 2023 | -24.8% | -28.6% |
| 2024 | -30.1% | +45.4% |
| 2025 | +138.5% | +52.1% |
| 2026 | +115.9% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and NCSM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FET and NCSM?
The FET/NCSM correlation stands at 0.33 on a 3-year window (1 year: 0.30, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is NCSM a good diversifier for FET?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/fet-vs-ncsm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fet-vs-ncsm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FET correlations · NCSM correlations
