HDB vs NDLS: Correlation
How closely do HDFC Bank Limited (HDB) and Noodles & Company (NDLS) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDB and NDLS?
On 3 years of weekly data the HDB/NDLS correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is -0.04, and annualized covariance runs at -541.2 %².
NDLS is close to the least connected end of HDB's tracked universe, ranking #8 of 11. The last year tells two different stories: NDLS led by 197.9 percentage points, -37.9% for HDB against +160.0% for NDLS. Note the risk asymmetry: NDLS runs 3.9 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.
HDB vs NDLS: side by side
| HDB (HDFC Bank Limited) | NDLS (Noodles & Company) | |
|---|---|---|
| 1-year return | -37.9% | +160.0% |
| 5-year return | -38.6% | -85.0% |
| Volatility (ann.) | 25.1% | 98.0% |
| Beta vs S&P 500 | 0.44 | 1.03 |
| Max drawdown (3Y) | -42.4% | -85.6% |
| Market cap | $115.4B | $0.1B |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 56.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDB | NDLS |
|---|---|---|
| 2022 | +7.4% | -39.5% |
| 2023 | +0.2% | -42.6% |
| 2024 | -3.7% | -81.6% |
| 2025 | +15.9% | +22.4% |
| 2026 | -38.5% | +160.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDB and NDLS good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between HDB and NDLS?
As of 2026-08-27, the correlation of weekly returns between HDB and NDLS is -0.22 over 3 years, -0.29 over 1 year and -0.04 over 5 years.
Is NDLS a good diversifier for HDB?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/hdb-vs-ndls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hdb-vs-ndls/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HDB correlations · NDLS correlations
