NATH vs PZZA: Correlation
Nathan's Famous, Inc. (NATH) and Papa John's International, Inc. (PZZA) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NATH and PZZA?
Over the past 3 years, NATH and PZZA moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 483.8 %².
By 3-year correlation, PZZA places #7 of the 14 assets tracked against NATH. The last year tells two different stories: NATH led by 44.8 percentage points, -5.5% for NATH against -50.3% for PZZA. Note the risk asymmetry: PZZA runs 1.9 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.
NATH vs PZZA: side by side
| NATH (Nathan's Famous, Inc.) | PZZA (Papa John's International, Inc.) | |
|---|---|---|
| 1-year return | -5.5% | -50.3% |
| 5-year return | +68.7% | -78.5% |
| Volatility (ann.) | 25.3% | 48.3% |
| Beta vs S&P 500 | 0.50 | 0.83 |
| Max drawdown (3Y) | -19.5% | -66.8% |
| Market cap | $0.4B | $0.8B |
| P/E (trailing) | 20.2 | 29.0 |
| Dividend yield | 2.05% | 7.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NATH | PZZA |
|---|---|---|
| 2022 | +18.7% | -37.3% |
| 2023 | +19.2% | -5.3% |
| 2024 | +3.5% | -44.2% |
| 2025 | +24.6% | -2.0% |
| 2026 | +5.5% | -38.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NATH and PZZA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NATH and PZZA?
The NATH/PZZA correlation stands at 0.40 on a 3-year window (1 year: 0.17, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is PZZA a good diversifier for NATH?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/nath-vs-pzza.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nath-vs-pzza/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NATH correlations · PZZA correlations
