NDLS vs TBN: Correlation
Noodles & Company (NDLS) and Tamboran Resources Corporation (TBN) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDLS and TBN?
Across a 3-year window, the weekly returns of NDLS and TBN correlate at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 2157.7 %².
TBN is one of the assets that tracks NDLS most closely: it ranks #1 out of the 10 assets we track against NDLS. Their recent paths diverged sharply: over the last 12 months NDLS outperformed by 73.3 percentage points (+160.0% for NDLS against +86.7% for TBN). Note the risk asymmetry: NDLS 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.
NDLS vs TBN: side by side
| NDLS (Noodles & Company) | TBN (Tamboran Resources Corporation) | |
|---|---|---|
| 1-year return | +160.0% | +86.7% |
| 5-year return | -85.0% | n/a |
| Volatility (ann.) | 98.0% | 52.6% |
| Beta vs S&P 500 | 1.03 | -0.08 |
| Max drawdown (3Y) | -85.6% | -38.6% |
| Market cap | $0.1B | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NDLS | TBN |
|---|---|---|
| 2022 | -39.5% | – |
| 2023 | -42.6% | – |
| 2024 | -81.6% | – |
| 2025 | +22.4% | +29.7% |
| 2026 | +160.0% | +38.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDLS and TBN good diversifiers for each other?
Reasonably. At 0.39, NDLS and TBN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NDLS and TBN?
As of 2026-08-27, the correlation of weekly returns between NDLS and TBN is 0.39 over 3 years, 0.46 over 1 year and n/a over 5 years.
Is TBN a good diversifier for NDLS?
Reasonably. At 0.39, NDLS and TBN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
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Related comparisons
Hubs: NDLS correlations · TBN correlations
