NNOX vs OCGN: Correlation
Measured on weekly returns over the past three years, NANO-X IMAGING LTD (NNOX) and Ocugen, Inc. (OCGN) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNOX and OCGN?
On 3 years of weekly data the NNOX/OCGN correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.10) than the 3-year average (0.43). The 5-year figure is 0.32, and annualized covariance runs at 4368.3 %².
Within NNOX's tracked universe of 21 assets, OCGN comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OCGN ahead by 110.3 points (-78.6% versus +31.7%).
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.
NNOX vs OCGN: side by side
| NNOX (NANO-X IMAGING LTD) | OCGN (Ocugen, Inc.) | |
|---|---|---|
| 1-year return | -78.6% | +31.7% |
| 5-year return | -96.5% | -81.2% |
| Volatility (ann.) | 106.8% | 95.8% |
| Beta vs S&P 500 | 1.70 | 1.22 |
| Max drawdown (3Y) | -93.5% | -73.9% |
| Market cap | $0.1B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNOX | OCGN |
|---|---|---|
| 2022 | -49.2% | -71.4% |
| 2023 | -13.7% | -55.8% |
| 2024 | +13.0% | +40.0% |
| 2025 | -61.1% | +67.7% |
| 2026 | -69.9% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNOX and OCGN good diversifiers for each other?
Reasonably. At 0.43, NNOX and OCGN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NNOX and OCGN?
The NNOX/OCGN correlation stands at 0.43 on a 3-year window (1 year: 0.10, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is OCGN a good diversifier for NNOX?
Reasonably. At 0.43, NNOX and OCGN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nnox-vs-ocgn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nnox-vs-ocgn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NNOX correlations · OCGN correlations
