MSM vs NC: Correlation
Measured on weekly returns over the past three years, MSC Industrial Direct Company, Inc. (MSM) and NACCO Industries, Inc. (NC) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSM and NC?
Over the past 3 years, MSM and NC moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.45 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 413.6 %².
Within MSM's tracked universe of 17 assets, NC comes in at #10 by 3-year correlation. The last year tells two different stories: MSM led by 25.9 percentage points, +38.1% for MSM against +12.2% for NC.
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.
MSM vs NC: side by side
| MSM (MSC Industrial Direct Company, Inc.) | NC (NACCO Industries, Inc.) | |
|---|---|---|
| 1-year return | +38.1% | +12.2% |
| 5-year return | +73.8% | +96.1% |
| Volatility (ann.) | 25.3% | 36.3% |
| Beta vs S&P 500 | 0.78 | 0.46 |
| Max drawdown (3Y) | -29.3% | -31.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | 29.6 | 18.7 |
| Dividend yield | 2.84% | 2.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSM | NC |
|---|---|---|
| 2022 | +0.9% | +6.7% |
| 2023 | +28.5% | -1.5% |
| 2024 | -23.4% | -15.9% |
| 2025 | +17.4% | +68.8% |
| 2026 | +49.1% | -11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSM and NC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MSM and NC?
As of 2026-08-27, the correlation of weekly returns between MSM and NC is 0.45 over 3 years, 0.28 over 1 year and 0.38 over 5 years.
Is NC a good diversifier for MSM?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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/msm-vs-nc.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: MSM correlations · NC correlations
