MTNB vs NOA: Correlation
Measured on weekly returns over the past three years, Matinas Biopharma Holdings, Inc. (MTNB) and North American Construction Group Ltd. (NOA) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTNB and NOA?
Across a 3-year window, the weekly returns of MTNB and NOA correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.00) runs above the 3-year figure (-0.25). Stretching to 5 years gives -0.09, with an annualized covariance of -1114.6 %².
Out of 10 assets tracked against MTNB, NOA lands near the bottom at #9. The last year tells two different stories: NOA led by 91.9 percentage points, -89.9% for MTNB against +2.0% for NOA. One caveat on sizing: MTNB is 3.2 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.
MTNB vs NOA: side by side
| MTNB (Matinas Biopharma Holdings, Inc.) | NOA (North American Construction Group Ltd.) | |
|---|---|---|
| 1-year return | -89.9% | +2.0% |
| 5-year return | -99.5% | +2.6% |
| Volatility (ann.) | 120.2% | 37.5% |
| Beta vs S&P 500 | 1.73 | 0.84 |
| Max drawdown (3Y) | -99.4% | -51.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 16.5 |
| Dividend yield | 0.00% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTNB | NOA |
|---|---|---|
| 2022 | -50.5% | -9.8% |
| 2023 | -56.8% | +58.3% |
| 2024 | -95.3% | +5.2% |
| 2025 | +14.9% | -32.8% |
| 2026 | -65.9% | -4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTNB and NOA good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTNB and NOA?
As of 2026-08-27, the correlation of weekly returns between MTNB and NOA is -0.25 over 3 years, -0.00 over 1 year and -0.09 over 5 years.
Is NOA a good diversifier for MTNB?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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/mtnb-vs-noa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtnb-vs-noa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTNB correlations · NOA correlations
