NL vs RPID: Correlation
How closely do NLI Holdings, Inc. (NL) and Rapid Micro Biosystems, Inc. (RPID) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and RPID?
Across a 3-year window, the weekly returns of NL and RPID correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.23 over 3 years. Stretching to 5 years gives -0.15, with an annualized covariance of -797.9 %².
Out of 12 assets tracked against NL, RPID lands near the bottom at #11. The last year tells two different stories: NL led by 40.7 percentage points, +3.6% for NL against -37.1% for RPID. Note the risk asymmetry: RPID runs 2.1 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.
NL vs RPID: side by side
| NL (NLI Holdings, Inc.) | RPID (Rapid Micro Biosystems, Inc.) | |
|---|---|---|
| 1-year return | +3.6% | -37.1% |
| 5-year return | +41.5% | -92.2% |
| Volatility (ann.) | 41.2% | 85.8% |
| Beta vs S&P 500 | 0.73 | 0.88 |
| Max drawdown (3Y) | -38.9% | -66.9% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 5.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NL | RPID |
|---|---|---|
| 2022 | -1.3% | -89.4% |
| 2023 | -13.5% | -34.5% |
| 2024 | +54.9% | +21.6% |
| 2025 | -23.0% | +222.2% |
| 2026 | +23.4% | -44.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and RPID good diversifiers for each other?
Yes. With a correlation of -0.23, NL and RPID have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NL and RPID?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.38 over the last year and -0.15 over 5 years.
Is RPID a good diversifier for NL?
Yes. With a correlation of -0.23, NL and RPID have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/nl-vs-rpid.json
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Related comparisons
Hubs: NL correlations · RPID correlations
