HLX vs NOA: Correlation
Measured on weekly returns over the past three years, Helix Energy Solutions Group, Inc. (HLX) and North American Construction Group Ltd. (NOA) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and NOA?
Across a 3-year window, the weekly returns of HLX and NOA correlate at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 674.0 %².
By 3-year correlation, NOA places #16 of the 21 assets tracked against HLX. Their recent paths diverged sharply: over the last 12 months HLX outperformed by 55.1 percentage points (+57.1% for HLX against +2.0% for NOA).
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.
HLX vs NOA: side by side
| HLX (Helix Energy Solutions Group, Inc.) | NOA (North American Construction Group Ltd.) | |
|---|---|---|
| 1-year return | +57.1% | +2.0% |
| 5-year return | +165.6% | +2.6% |
| Volatility (ann.) | 42.5% | 37.5% |
| Beta vs S&P 500 | 0.65 | 0.84 |
| Max drawdown (3Y) | -55.5% | -51.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | 40.5 | 16.5 |
| Dividend yield | 0.00% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | NOA |
|---|---|---|
| 2022 | +136.5% | -9.8% |
| 2023 | +39.3% | +58.3% |
| 2024 | -9.3% | +5.2% |
| 2025 | -32.7% | -32.8% |
| 2026 | +61.4% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and NOA good diversifiers for each other?
Reasonably. At 0.42, HLX and NOA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HLX and NOA?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.39 over the last year and 0.41 over 5 years.
Is NOA a good diversifier for HLX?
Reasonably. At 0.42, HLX and NOA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/hlx-vs-noa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlx-vs-noa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLX correlations · NOA correlations
