MATH vs NAKA: Correlation
How closely do Metalpha Technology Holding Limited (MATH) and Nakamoto Inc. (NAKA) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATH and NAKA?
Over the past 3 years, MATH and NAKA moved with a correlation of 0.35, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.35 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 7550.8 %².
By 3-year correlation, NAKA places #4 of the 14 assets tracked against MATH. Correlation aside, the last 12 months split them widely, with MATH ahead by 26.2 points (-70.7% versus -96.9%). Risk is not evenly split, since NAKA carries 2.6 times the volatility of the other side.
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.
MATH vs NAKA: side by side
| MATH (Metalpha Technology Holding Limited) | NAKA (Nakamoto Inc.) | |
|---|---|---|
| 1-year return | -70.7% | -96.9% |
| 5-year return | -40.4% | n/a |
| Volatility (ann.) | 90.1% | 231.2% |
| Beta vs S&P 500 | 0.53 | 4.09 |
| Max drawdown (3Y) | -81.9% | -99.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | 41.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATH | NAKA |
|---|---|---|
| 2022 | -57.4% | – |
| 2023 | +323.3% | – |
| 2024 | -47.2% | – |
| 2025 | +82.6% | -71.7% |
| 2026 | -60.3% | -44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATH and NAKA good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MATH and NAKA?
The MATH/NAKA correlation stands at 0.35 on a 3-year window (1 year: 0.19, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NAKA a good diversifier for MATH?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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/math-vs-naka.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/math-vs-naka/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MATH correlations · NAKA correlations
