NCEL vs PEN: Correlation
How closely do NewcelX Ltd. (NCEL) and Penumbra, Inc. (PEN) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCEL and PEN?
Over the past 3 years, NCEL and PEN moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.14 over 1 year against -0.19 over 3. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -813.6 %².
Among the 10 assets we track against NCEL, PEN sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months PEN outperformed by 104.9 percentage points (-84.6% for NCEL against +20.3% for PEN). Risk is not evenly split, since NCEL carries 3.3 times the volatility of the other side.
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.
NCEL vs PEN: side by side
| NCEL (NewcelX Ltd.) | PEN (Penumbra, Inc.) | |
|---|---|---|
| 1-year return | -84.6% | +20.3% |
| 5-year return | -99.6% | +18.7% |
| Volatility (ann.) | 118.9% | 36.0% |
| Beta vs S&P 500 | 0.68 | 0.30 |
| Max drawdown (3Y) | -99.6% | -45.5% |
| Market cap | – | $12.6B |
| P/E (trailing) | – | 79.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCEL | PEN |
|---|---|---|
| 2022 | +16.2% | -22.6% |
| 2023 | -54.3% | +13.1% |
| 2024 | -91.1% | -5.6% |
| 2025 | -91.0% | +30.9% |
| 2026 | +80.0% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCEL and PEN good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NCEL and PEN?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.14 over the last year and 0.01 over 5 years.
Is PEN a good diversifier for NCEL?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncel-vs-pen.json
Embed this badge (it refreshes with the data), with attribution:
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCEL correlations · PEN correlations
