MATW vs NC: Correlation
Matthews International Corporation (MATW) and NACCO Industries, Inc. (NC) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATW and NC?
On 3 years of weekly data the MATW/NC correlation comes out at 0.45, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. The 5-year figure is 0.28, and annualized covariance runs at 586.4 %².
By 3-year correlation, NC places #6 of the 12 assets tracked against MATW. Correlation aside, the last 12 months split them widely, with NC ahead by 20.8 points (-8.6% versus +12.2%).
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.
MATW vs NC: side by side
| MATW (Matthews International Corporation) | NC (NACCO Industries, Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +12.2% |
| 5-year return | -30.2% | +96.1% |
| Volatility (ann.) | 36.3% | 36.3% |
| Beta vs S&P 500 | 0.87 | 0.46 |
| Max drawdown (3Y) | -54.7% | -31.2% |
| Market cap | $0.7B | $0.3B |
| P/E (trailing) | – | 18.7 |
| Dividend yield | 4.73% | 2.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATW | NC |
|---|---|---|
| 2022 | -14.5% | +6.7% |
| 2023 | +23.4% | -1.5% |
| 2024 | -21.9% | -15.9% |
| 2025 | -1.5% | +68.8% |
| 2026 | -17.1% | -11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATW and NC good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MATW and NC?
As of 2026-08-27, the correlation of weekly returns between MATW and NC is 0.45 over 3 years, 0.42 over 1 year and 0.28 over 5 years.
Is NC a good diversifier for MATW?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/matw-vs-nc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/matw-vs-nc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MATW correlations · NC correlations
