NCPL vs OXSQ: Correlation
Netcapital Inc. (NCPL) and Oxford Square Capital Corp. - Closed End Fund (OXSQ) show a negative 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 NCPL and OXSQ?
Across a 3-year window, the weekly returns of NCPL and OXSQ correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.14, with an annualized covariance of -1034.8 %².
Among the 10 assets we track against NCPL, OXSQ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: OXSQ led by 53.5 percentage points, -74.4% for NCPL against -20.9% for OXSQ. One caveat on sizing: NCPL is 5.8 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.
NCPL vs OXSQ: side by side
| NCPL (Netcapital Inc.) | OXSQ (Oxford Square Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -74.4% | -20.9% |
| 5-year return | -99.9% | -29.3% |
| Volatility (ann.) | 152.6% | 26.1% |
| Beta vs S&P 500 | 1.81 | 0.39 |
| Max drawdown (3Y) | -99.4% | -46.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 31.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCPL | OXSQ |
|---|---|---|
| 2022 | -90.0% | -14.4% |
| 2023 | -85.9% | +9.2% |
| 2024 | -86.0% | -1.9% |
| 2025 | -68.3% | -13.3% |
| 2026 | -18.4% | -8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCPL and OXSQ good diversifiers for each other?
Yes. With a correlation of -0.26, NCPL and OXSQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCPL and OXSQ?
The NCPL/OXSQ correlation stands at -0.26 on a 3-year window (1 year: -0.34, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is OXSQ a good diversifier for NCPL?
Yes. With a correlation of -0.26, NCPL and OXSQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/ncpl-vs-oxsq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncpl-vs-oxsq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCPL correlations · OXSQ correlations
