NE vs TDW: Correlation
How closely do Noble Corporation plc A (NE) and Tidewater Inc. (TDW) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NE and TDW?
Over the past 3 years, NE and TDW moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 1253.4 %².
Among the 16 assets we track against NE, TDW ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NE outperformed by 18.9 percentage points (+72.1% for NE against +53.2% for TDW).
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.
NE vs TDW: side by side
| NE (Noble Corporation plc A) | TDW (Tidewater Inc.) | |
|---|---|---|
| 1-year return | +72.1% | +53.2% |
| 5-year return | +134.0% | +724.8% |
| Volatility (ann.) | 40.7% | 46.4% |
| Beta vs S&P 500 | 0.96 | 0.92 |
| Max drawdown (3Y) | -63.2% | -70.3% |
| Market cap | $7.5B | $4.6B |
| P/E (trailing) | 48.2 | 18.0 |
| Dividend yield | 4.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NE | TDW |
|---|---|---|
| 2022 | +52.0% | +244.1% |
| 2023 | +29.5% | +95.7% |
| 2024 | -31.6% | -24.1% |
| 2025 | -3.2% | -7.7% |
| 2026 | +69.2% | +84.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NE and TDW good diversifiers for each other?
Only partially. A correlation of 0.66 means NE and TDW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NE and TDW?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.60 over the last year and 0.60 over 5 years.
Is TDW a good diversifier for NE?
Only partially. A correlation of 0.66 means NE and TDW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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: NE correlations · TDW correlations
