NAUT vs WAL: Correlation
How closely do Nautilus Biotechnology, Inc. (NAUT) and Western Alliance Bancorporation (WAL) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAUT and WAL?
On 3 years of weekly data the NAUT/WAL correlation comes out at 0.41, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.41). The 5-year figure is 0.24, and annualized covariance runs at 1161.0 %².
By 3-year correlation, WAL places #5 of the 10 assets tracked against NAUT. The last year tells two different stories: NAUT led by 37.9 percentage points, +28.6% for NAUT against -9.3% for WAL. One caveat on sizing: NAUT is 1.8 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.
NAUT vs WAL: side by side
| NAUT (Nautilus Biotechnology, Inc.) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +28.6% | -9.3% |
| 5-year return | -88.5% | -9.7% |
| Volatility (ann.) | 72.5% | 39.5% |
| Beta vs S&P 500 | 1.36 | 1.51 |
| Max drawdown (3Y) | -83.8% | -36.0% |
| Market cap | $0.1B | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.00% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAUT | WAL |
|---|---|---|
| 2022 | -65.3% | -43.7% |
| 2023 | +66.1% | +14.1% |
| 2024 | -43.8% | +29.7% |
| 2025 | +16.1% | +2.5% |
| 2026 | -53.6% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAUT and WAL good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAUT and WAL?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.12 over the last year and 0.24 over 5 years.
Is WAL a good diversifier for NAUT?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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.
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Related comparisons
Hubs: NAUT correlations · WAL correlations
