NOA vs WFRD: Correlation
How closely do North American Construction Group Ltd. (NOA) and Weatherford International plc (WFRD) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOA and WFRD?
Across a 3-year window, the weekly returns of NOA and WFRD correlate at 0.42, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.42). Stretching to 5 years gives 0.40, with an annualized covariance of 723.2 %².
In NOA's tracked universe of 12 assets, WFRD sits right near the top at #2. Correlation aside, the last 12 months split them widely, with WFRD ahead by 44.1 points (+2.0% versus +46.1%).
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 WFRD: side by side
| NOA (North American Construction Group Ltd.) | WFRD (Weatherford International plc) | |
|---|---|---|
| 1-year return | +2.0% | +46.1% |
| 5-year return | +2.6% | +495.5% |
| Volatility (ann.) | 37.5% | 46.3% |
| Beta vs S&P 500 | 0.84 | 1.32 |
| Max drawdown (3Y) | -51.3% | -70.6% |
| Market cap | $0.4B | $6.6B |
| P/E (trailing) | 16.5 | 17.4 |
| Dividend yield | 3.61% | 1.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOA | WFRD |
|---|---|---|
| 2022 | -9.8% | +83.7% |
| 2023 | +58.3% | +92.1% |
| 2024 | +5.2% | -26.4% |
| 2025 | -32.8% | +11.1% |
| 2026 | -4.6% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOA and WFRD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NOA and WFRD?
As of 2026-08-27, the correlation of weekly returns between NOA and WFRD is 0.42 over 3 years, 0.28 over 1 year and 0.40 over 5 years.
Is WFRD a good diversifier for NOA?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 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/noa-vs-wfrd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/noa-vs-wfrd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NOA correlations · WFRD correlations
