NEPH vs NODK: Correlation
Measured on weekly returns over the past three years, Nephros, Inc. (NEPH) and NI Holdings, Inc. (NODK) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEPH and NODK?
Over the past 3 years, NEPH and NODK moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -327.6 %².
Within NEPH's tracked universe of 16 assets, NODK comes in at #11 by 3-year correlation. Over the last 12 months NODK came out ahead by 8.3 percentage points (+6.4% against +14.7%). Note the risk asymmetry: NEPH runs 2.9 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.
NEPH vs NODK: side by side
| NEPH (Nephros, Inc.) | NODK (NI Holdings, Inc.) | |
|---|---|---|
| 1-year return | +6.4% | +14.7% |
| 5-year return | -48.4% | -21.2% |
| Volatility (ann.) | 66.5% | 22.7% |
| Beta vs S&P 500 | 0.07 | 0.27 |
| Max drawdown (3Y) | -65.2% | -28.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | 25.4 | 40.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEPH | NODK |
|---|---|---|
| 2022 | -80.3% | -29.8% |
| 2023 | +198.3% | -2.1% |
| 2024 | -57.5% | +20.9% |
| 2025 | +232.0% | -15.3% |
| 2026 | -11.7% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEPH and NODK good diversifiers for each other?
Yes. With a correlation of -0.22, NEPH and NODK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEPH and NODK?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.26 over the last year and -0.08 over 5 years.
Is NODK a good diversifier for NEPH?
Yes. With a correlation of -0.22, NEPH and NODK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NEPH correlations · NODK correlations
