NN vs OWL: Correlation
How closely do NextNav Inc. (NN) and Blue Owl Capital Inc. (OWL) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NN and OWL?
Across a 3-year window, the weekly returns of NN and OWL correlate at 0.41, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.55 versus 0.41 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 1281.4 %².
Few assets follow NN as closely as OWL, which ranks #3 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with NN ahead by 18.5 points (-11.7% versus -30.2%). Risk is not evenly split, since NN carries 1.8 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.
NN vs OWL: side by side
| NN (NextNav Inc.) | OWL (Blue Owl Capital Inc.) | |
|---|---|---|
| 1-year return | -11.7% | -30.2% |
| 5-year return | +56.5% | +8.2% |
| Volatility (ann.) | 75.3% | 41.9% |
| Beta vs S&P 500 | 1.45 | 1.77 |
| Max drawdown (3Y) | -47.8% | -67.1% |
| Market cap | $2.7B | $18.8B |
| P/E (trailing) | – | 100.2 |
| Dividend yield | 0.00% | 7.71% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NN | OWL |
|---|---|---|
| 2022 | -66.6% | -26.3% |
| 2023 | +51.9% | +47.4% |
| 2024 | +249.7% | +61.8% |
| 2025 | +6.9% | -32.8% |
| 2026 | -5.6% | -14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NN and OWL good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NN and OWL?
As of 2026-08-27, the correlation of weekly returns between NN and OWL is 0.41 over 3 years, 0.55 over 1 year and 0.29 over 5 years.
Is OWL a good diversifier for NN?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/nn-vs-owl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nn-vs-owl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NN correlations · OWL correlations
