FRO vs NAT: Correlation
Frontline Plc (FRO) and Nordic American Tankers Limited (NAT) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRO and NAT?
Over the past 3 years, FRO and NAT moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 1317.9 %².
In FRO's tracked universe of 14 assets, NAT sits right near the top at #3. Over the last 12 months NAT came out ahead by 8.0 percentage points (+129.6% against +137.6%).
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.
FRO vs NAT: side by side
| FRO (Frontline Plc) | NAT (Nordic American Tankers Limited) | |
|---|---|---|
| 1-year return | +129.6% | +137.6% |
| 5-year return | +771.5% | +351.2% |
| Volatility (ann.) | 46.1% | 36.0% |
| Beta vs S&P 500 | 0.57 | 0.30 |
| Max drawdown (3Y) | -52.0% | -46.3% |
| Market cap | $9.7B | – |
| P/E (trailing) | 10.2 | 25.0 |
| Dividend yield | 7.60% | 9.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRO | NAT |
|---|---|---|
| 2022 | +73.7% | +87.9% |
| 2023 | +96.2% | +55.8% |
| 2024 | -22.5% | -33.6% |
| 2025 | +57.3% | +44.6% |
| 2026 | +115.9% | +111.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRO and NAT good diversifiers for each other?
Only partially. A correlation of 0.79 means FRO and NAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FRO and NAT?
As of 2026-08-27, the correlation of weekly returns between FRO and NAT is 0.79 over 3 years, 0.80 over 1 year and 0.65 over 5 years.
Is NAT a good diversifier for FRO?
Only partially. A correlation of 0.79 means FRO and NAT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 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/fro-vs-nat.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fro-vs-nat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FRO correlations · NAT correlations
