NAII vs PASG: Correlation
Natural Alternatives International, Inc. (NAII) and Passage Bio, Inc. (PASG) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAII and PASG?
Across a 3-year window, the weekly returns of NAII and PASG correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 1653.2 %².
Within NAII's tracked universe of 14 assets, PASG comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at -36.0% for NAII and -38.5% for PASG. Note the risk asymmetry: PASG runs 2.6 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.
NAII vs PASG: side by side
| NAII (Natural Alternatives International, Inc.) | PASG (Passage Bio, Inc.) | |
|---|---|---|
| 1-year return | -36.0% | -38.5% |
| 5-year return | -85.1% | -98.1% |
| Volatility (ann.) | 49.2% | 128.4% |
| Beta vs S&P 500 | 0.09 | 2.11 |
| Max drawdown (3Y) | -71.7% | -88.2% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAII | PASG |
|---|---|---|
| 2022 | -33.7% | -78.3% |
| 2023 | -22.2% | -26.8% |
| 2024 | -34.0% | -43.9% |
| 2025 | -16.9% | +4.1% |
| 2026 | -36.0% | -63.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAII and PASG good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAII and PASG?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.31 over the last year and 0.23 over 5 years.
Is PASG a good diversifier for NAII?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/naii-vs-pasg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/naii-vs-pasg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NAII correlations · PASG correlations
