NMAD vs WBX: Correlation
How closely do Nomad Power Solutions, Inc. (NMAD) and Wallbox N.V. Class A (WBX) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMAD and WBX?
Over the past 3 years, NMAD and WBX moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.87). Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 167199.0 %².
In NMAD's tracked universe of 14 assets, WBX sits right near the top at #1. Correlation aside, the last 12 months split them widely, with NMAD ahead by 61.1 points (+29.2% versus -31.9%). Risk is not evenly split, since WBX carries 4.9 times the volatility of the other side.
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.
NMAD vs WBX: side by side
| NMAD (Nomad Power Solutions, Inc.) | WBX (Wallbox N.V. Class A) | |
|---|---|---|
| 1-year return | +29.2% | -31.9% |
| 5-year return | -80.2% | -70.7% |
| Volatility (ann.) | 197.9% | 975.4% |
| Beta vs S&P 500 | 0.82 | 4.88 |
| Max drawdown (3Y) | -80.8% | -91.3% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMAD | WBX |
|---|---|---|
| 2022 | -57.1% | -78.1% |
| 2023 | -53.9% | -51.1% |
| 2024 | -13.6% | -71.4% |
| 2025 | +93.6% | +367.1% |
| 2026 | +12.5% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMAD and WBX good diversifiers for each other?
No: a correlation of 0.87 means NMAD and WBX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NMAD and WBX?
The NMAD/WBX correlation stands at 0.87 on a 3-year window (1 year: 0.02, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is WBX a good diversifier for NMAD?
No: a correlation of 0.87 means NMAD and WBX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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/nmad-vs-wbx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nmad-vs-wbx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMAD correlations · WBX correlations
