NOA vs SD: Correlation
Measured on weekly returns over the past three years, North American Construction Group Ltd. (NOA) and SandRidge Energy, Inc. (SD) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOA and SD?
Over the past 3 years, NOA and SD moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 502.2 %².
Within NOA's tracked universe of 12 assets, SD comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SD ahead by 25.8 points (+2.0% versus +27.8%).
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.
NOA vs SD: side by side
| NOA (North American Construction Group Ltd.) | SD (SandRidge Energy, Inc.) | |
|---|---|---|
| 1-year return | +2.0% | +27.8% |
| 5-year return | +2.6% | +126.2% |
| Volatility (ann.) | 37.5% | 33.0% |
| Beta vs S&P 500 | 0.84 | 0.32 |
| Max drawdown (3Y) | -51.3% | -37.9% |
| Market cap | $0.4B | $0.5B |
| P/E (trailing) | 16.5 | 6.3 |
| Dividend yield | 3.61% | 3.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOA | SD |
|---|---|---|
| 2022 | -9.8% | +62.8% |
| 2023 | +58.3% | -8.2% |
| 2024 | +5.2% | -1.2% |
| 2025 | -32.8% | +28.2% |
| 2026 | -4.6% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOA and SD 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 NOA and SD?
The NOA/SD correlation stands at 0.41 on a 3-year window (1 year: 0.17, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SD a good diversifier for NOA?
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/noa-vs-sd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/noa-vs-sd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOA correlations · SD correlations
