LOCL vs NLOP: Correlation
Measured on weekly returns over the past three years, Local Bounti Corporation (LOCL) and Net Lease Office Properties (NLOP) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOCL and NLOP?
Across a 3-year window, the weekly returns of LOCL and NLOP correlate at -0.32, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.32). Stretching to 5 years gives n/a, with an annualized covariance of -1780.0 %².
Out of 34 assets tracked against LOCL, NLOP lands near the bottom at #34. The last year tells two different stories: NLOP led by 66.8 percentage points, -58.8% for LOCL against +8.0% for NLOP. One caveat on sizing: LOCL is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LOCL vs NLOP: side by side
| LOCL (Local Bounti Corporation) | NLOP (Net Lease Office Properties) | |
|---|---|---|
| 1-year return | -58.8% | +8.0% |
| 5-year return | -99.2% | n/a |
| Volatility (ann.) | 142.7% | 39.2% |
| Beta vs S&P 500 | -0.49 | 0.18 |
| Max drawdown (3Y) | -79.4% | -46.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LOCL | NLOP |
|---|---|---|
| 2022 | -78.4% | – |
| 2023 | -88.5% | – |
| 2024 | +0.0% | +68.9% |
| 2025 | +3.4% | +5.9% |
| 2026 | -53.8% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOCL and NLOP good diversifiers for each other?
Yes. With a correlation of -0.32, LOCL and NLOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LOCL and NLOP?
As of 2026-08-27, the correlation of weekly returns between LOCL and NLOP is -0.32 over 3 years, 0.10 over 1 year and n/a over 5 years.
Is NLOP a good diversifier for LOCL?
Yes. With a correlation of -0.32, LOCL and NLOP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: LOCL correlations · NLOP correlations
