MTR vs NTIC: Correlation
How closely do Mesa Royalty Trust (MTR) and Northern Technologies International Corporation (NTIC) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTR and NTIC?
Across a 3-year window, the weekly returns of MTR and NTIC correlate at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.20 over 3. Stretching to 5 years gives -0.06, with an annualized covariance of -348.5 %².
Among the 10 assets we track against MTR, NTIC sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with NTIC ahead by 66.2 points (-57.6% versus +8.6%).
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.
MTR vs NTIC: side by side
| MTR (Mesa Royalty Trust) | NTIC (Northern Technologies International Corporation) | |
|---|---|---|
| 1-year return | -57.6% | +8.6% |
| 5-year return | -45.0% | -46.9% |
| Volatility (ann.) | 47.8% | 35.6% |
| Beta vs S&P 500 | 0.01 | 0.01 |
| Max drawdown (3Y) | -87.3% | -63.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 6.83% | 0.37% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTR | NTIC |
|---|---|---|
| 2022 | +310.9% | -10.9% |
| 2023 | -35.4% | -9.4% |
| 2024 | -54.1% | +16.7% |
| 2025 | -23.6% | -41.4% |
| 2026 | -45.9% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTR and NTIC good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTR and NTIC?
As of 2026-08-27, the correlation of weekly returns between MTR and NTIC is -0.20 over 3 years, -0.17 over 1 year and -0.06 over 5 years.
Is NTIC a good diversifier for MTR?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTR correlations · NTIC correlations
