FRMM vs NOA: Correlation
Measured on weekly returns over the past three years, Forum Markets, Incorporated (FRMM) and North American Construction Group Ltd. (NOA) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRMM and NOA?
On 3 years of weekly data the FRMM/NOA correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.28). The 5-year figure is -0.15, and annualized covariance runs at -2401.9 %².
Among the 15 assets we track against FRMM, NOA sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months NOA outperformed by 83.0 percentage points (-81.0% for FRMM against +2.0% for NOA). Note the risk asymmetry: FRMM runs 6.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FRMM vs NOA: side by side
| FRMM (Forum Markets, Incorporated) | NOA (North American Construction Group Ltd.) | |
|---|---|---|
| 1-year return | -81.0% | +2.0% |
| 5-year return | -100.0% | +2.6% |
| Volatility (ann.) | 228.0% | 37.5% |
| Beta vs S&P 500 | 2.29 | 0.84 |
| Max drawdown (3Y) | -98.9% | -51.3% |
| Market cap | $0.1B | $0.4B |
| P/E (trailing) | – | 16.5 |
| Dividend yield | 0.00% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRMM | NOA |
|---|---|---|
| 2022 | -95.7% | -9.8% |
| 2023 | -93.7% | +58.3% |
| 2024 | -55.2% | +5.2% |
| 2025 | -73.1% | -32.8% |
| 2026 | +15.5% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRMM and NOA good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FRMM and NOA?
As of 2026-08-27, the correlation of weekly returns between FRMM and NOA is -0.28 over 3 years, -0.03 over 1 year and -0.15 over 5 years.
Is NOA a good diversifier for FRMM?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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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Related comparisons
Hubs: FRMM correlations · NOA correlations
