FLZH vs NAZ: Correlation
How closely do Flash Sports & Media Holdings, Inc. (FLZH) and Nuveen Arizona Quality Municipal Income Fund (NAZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLZH and NAZ?
On 3 years of weekly data the FLZH/NAZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.24 over 3 years. The 5-year figure is -0.12, and annualized covariance runs at -1202.2 %².
Among the 31 assets we track against FLZH, NAZ ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NAZ outperformed by 110.1 percentage points (-99.2% for FLZH against +10.9% for NAZ). Risk is not evenly split, since FLZH carries 36.3 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.
FLZH vs NAZ: side by side
| FLZH (Flash Sports & Media Holdings, Inc.) | NAZ (Nuveen Arizona Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -99.2% | +10.9% |
| 5-year return | -100.0% | +0.2% |
| Volatility (ann.) | 424.7% | 11.7% |
| Beta vs S&P 500 | -2.13 | 0.25 |
| Max drawdown (3Y) | -99.9% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | – | 22.0 |
| Dividend yield | 0.00% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLZH | NAZ |
|---|---|---|
| 2022 | -74.0% | -27.2% |
| 2023 | -48.5% | -0.5% |
| 2024 | -32.5% | +13.0% |
| 2025 | -70.4% | +12.1% |
| 2026 | -98.9% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLZH and NAZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLZH and NAZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.45 over the last year and -0.12 over 5 years.
Is NAZ a good diversifier for FLZH?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: FLZH correlations · NAZ correlations
