FLNG vs NVGS: Correlation
Measured on weekly returns over the past three years, FLEX LNG Ltd. (FLNG) and Navigator Holdings Ltd. (NVGS) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNG and NVGS?
Across a 3-year window, the weekly returns of FLNG and NVGS correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 465.5 %².
Few assets follow FLNG as closely as NVGS, which ranks #1 of 11 tracked partners. On 12-month performance NVGS holds a 8.9-point edge, +28.6% against +37.5%.
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.
FLNG vs NVGS: side by side
| FLNG (FLEX LNG Ltd.) | NVGS (Navigator Holdings Ltd.) | |
|---|---|---|
| 1-year return | +28.6% | +37.5% |
| 5-year return | +261.5% | +159.5% |
| Volatility (ann.) | 26.8% | 28.8% |
| Beta vs S&P 500 | 0.26 | 0.68 |
| Max drawdown (3Y) | -25.4% | -38.9% |
| Market cap | $1.7B | $1.4B |
| P/E (trailing) | 16.0 | 9.9 |
| Dividend yield | 9.86% | 1.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLNG | NVGS |
|---|---|---|
| 2022 | +56.3% | +34.8% |
| 2023 | -1.2% | +22.5% |
| 2024 | -11.7% | +6.8% |
| 2025 | +26.4% | +14.4% |
| 2026 | +32.3% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNG and NVGS good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FLNG and NVGS?
As of 2026-08-27, the correlation of weekly returns between FLNG and NVGS is 0.60 over 3 years, 0.53 over 1 year and 0.52 over 5 years.
Is NVGS a good diversifier for FLNG?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/flng-vs-nvgs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flng-vs-nvgs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLNG correlations · NVGS correlations
