NCSM vs TELA: Correlation
How closely do NCS Multistage Holdings, Inc. (NCSM) and TELA Bio, Inc. (TELA) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCSM and TELA?
Over the past 3 years, NCSM and TELA moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.21 over 3 years. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -1041.3 %².
By 3-year correlation, TELA places #11 of the 16 assets tracked against NCSM. The last year tells two different stories: NCSM led by 97.6 percentage points, +34.5% for NCSM against -63.1% for TELA.
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.
NCSM vs TELA: side by side
| NCSM (NCS Multistage Holdings, Inc.) | TELA (TELA Bio, Inc.) | |
|---|---|---|
| 1-year return | +34.5% | -63.1% |
| 5-year return | +112.6% | -95.2% |
| Volatility (ann.) | 66.0% | 75.9% |
| Beta vs S&P 500 | 0.05 | 0.88 |
| Max drawdown (3Y) | -53.3% | -94.2% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCSM | TELA |
|---|---|---|
| 2022 | -13.8% | -10.2% |
| 2023 | -28.6% | -42.4% |
| 2024 | +45.4% | -54.4% |
| 2025 | +52.1% | -60.9% |
| 2026 | +28.6% | -44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCSM and TELA good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCSM and TELA?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.33 over the last year and -0.15 over 5 years.
Is TELA a good diversifier for NCSM?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/ncsm-vs-tela.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncsm-vs-tela/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCSM correlations · TELA correlations
