NDLS vs UHAL: Correlation
How closely do Noodles & Company (NDLS) and U-Haul Holding Company (UHAL) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NDLS and UHAL?
Across a 3-year window, the weekly returns of NDLS and UHAL correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 878.0 %².
Few assets follow NDLS as closely as UHAL, which ranks #3 of 10 tracked partners. The last year tells two different stories: NDLS led by 140.9 percentage points, +160.0% for NDLS against +19.1% for UHAL. One caveat on sizing: NDLS is 3.4 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.
NDLS vs UHAL: side by side
| NDLS (Noodles & Company) | UHAL (U-Haul Holding Company) | |
|---|---|---|
| 1-year return | +160.0% | +19.1% |
| 5-year return | -85.0% | +2.2% |
| Volatility (ann.) | 98.0% | 28.6% |
| Beta vs S&P 500 | 1.03 | 0.81 |
| Max drawdown (3Y) | -85.6% | -46.2% |
| Market cap | $0.1B | $13.4B |
| P/E (trailing) | – | 488.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NDLS | UHAL |
|---|---|---|
| 2022 | -39.5% | -17.0% |
| 2023 | -42.6% | +19.3% |
| 2024 | -81.6% | -3.8% |
| 2025 | +22.4% | -27.0% |
| 2026 | +160.0% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NDLS and UHAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NDLS and UHAL?
The NDLS/UHAL correlation stands at 0.31 on a 3-year window (1 year: 0.29, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is UHAL a good diversifier for NDLS?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ndls-vs-uhal.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ndls-vs-uhal/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NDLS correlations · UHAL correlations
