NAT vs TEN: Correlation
How closely do Nordic American Tankers Limited (NAT) and Tsakos Energy Navigation Ltd (TEN) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAT and TEN?
On 3 years of weekly data the NAT/TEN correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 1069.0 %².
Few assets follow NAT as closely as TEN, which ranks #2 of 11 tracked partners. The last year tells two different stories: NAT led by 39.4 percentage points, +137.6% for NAT against +98.2% for TEN.
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.
NAT vs TEN: side by side
| NAT (Nordic American Tankers Limited) | TEN (Tsakos Energy Navigation Ltd) | |
|---|---|---|
| 1-year return | +137.6% | +98.2% |
| 5-year return | +351.2% | +584.9% |
| Volatility (ann.) | 36.0% | 36.7% |
| Beta vs S&P 500 | 0.30 | 0.66 |
| Max drawdown (3Y) | -46.3% | -52.6% |
| Market cap | – | $1.3B |
| P/E (trailing) | 25.0 | 6.6 |
| Dividend yield | 9.51% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAT | TEN |
|---|---|---|
| 2022 | +87.9% | +138.5% |
| 2023 | +55.8% | +38.1% |
| 2024 | -33.6% | -16.0% |
| 2025 | +44.6% | +33.1% |
| 2026 | +111.4% | +92.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAT and TEN good diversifiers for each other?
No. With a correlation of 0.81, NAT and TEN move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NAT and TEN?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.78 over the last year and 0.74 over 5 years.
Is TEN a good diversifier for NAT?
No. With a correlation of 0.81, NAT and TEN move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 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/nat-vs-ten.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nat-vs-ten/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAT correlations · TEN correlations
