NL vs UZX: Correlation
Measured on weekly returns over the past three years, NLI Holdings, Inc. (NL) and Linkage Global Inc - Class A (UZX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NL and UZX?
Over the past 3 years, NL and UZX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.26). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1547.6 %².
Among the 12 assets we track against NL, UZX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: NL led by 98.2 percentage points, +3.6% for NL against -94.6% for UZX. One caveat on sizing: UZX is 3.3 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.
NL vs UZX: side by side
| NL (NLI Holdings, Inc.) | UZX (Linkage Global Inc - Class A) | |
|---|---|---|
| 1-year return | +3.6% | -94.6% |
| 5-year return | +41.5% | n/a |
| Volatility (ann.) | 41.2% | 137.7% |
| Beta vs S&P 500 | 0.73 | 0.09 |
| Max drawdown (3Y) | -38.9% | -99.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NL | UZX |
|---|---|---|
| 2022 | -1.3% | – |
| 2023 | -13.5% | – |
| 2024 | +54.9% | -71.7% |
| 2025 | -23.0% | -58.8% |
| 2026 | +23.4% | -93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NL and UZX good diversifiers for each other?
Yes. With a correlation of -0.26, NL and UZX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NL and UZX?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.46 over the last year and n/a over 5 years.
Is UZX a good diversifier for NL?
Yes. With a correlation of -0.26, NL and UZX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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-uzx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nl-vs-uzx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NL correlations · UZX correlations
