MPB vs NRXP: Correlation
Measured on weekly returns over the past three years, Mid Penn Bancorp (MPB) and NRX Pharmaceuticals, Inc. (NRXP) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPB and NRXP?
Over the past 3 years, MPB and NRXP moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -523.9 %².
NRXP is close to the least connected end of MPB's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months NRXP outperformed by 15.1 percentage points (+25.2% for MPB against +40.3% for NRXP). Note the risk asymmetry: NRXP runs 4.0 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.
MPB vs NRXP: side by side
| MPB (Mid Penn Bancorp) | NRXP (NRX Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +25.2% | +40.3% |
| 5-year return | +61.4% | -97.5% |
| Volatility (ann.) | 27.8% | 112.5% |
| Beta vs S&P 500 | 0.71 | 1.30 |
| Max drawdown (3Y) | -26.8% | -83.5% |
| Market cap | $0.9B | $0.2B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MPB | NRXP |
|---|---|---|
| 2022 | -2.9% | -76.8% |
| 2023 | -16.1% | -58.6% |
| 2024 | +22.8% | -52.2% |
| 2025 | +10.7% | +23.2% |
| 2026 | +20.8% | +33.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPB and NRXP good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MPB and NRXP?
The MPB/NRXP correlation stands at -0.17 on a 3-year window (1 year: -0.26, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is NRXP a good diversifier for MPB?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mpb-vs-nrxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mpb-vs-nrxp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MPB correlations · NRXP correlations
