NODK vs TBN: Correlation
NI Holdings, Inc. (NODK) and Tamboran Resources Corporation (TBN) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NODK and TBN?
On 3 years of weekly data the NODK/TBN correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -299.0 %².
Out of 10 assets tracked against NODK, TBN lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with TBN ahead by 72.0 points (+14.7% versus +86.7%). Risk is not evenly split, since TBN carries 2.3 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.
NODK vs TBN: side by side
| NODK (NI Holdings, Inc.) | TBN (Tamboran Resources Corporation) | |
|---|---|---|
| 1-year return | +14.7% | +86.7% |
| 5-year return | -21.2% | n/a |
| Volatility (ann.) | 22.7% | 52.6% |
| Beta vs S&P 500 | 0.27 | -0.08 |
| Max drawdown (3Y) | -28.4% | -38.6% |
| Market cap | $0.3B | $1.3B |
| P/E (trailing) | 40.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NODK | TBN |
|---|---|---|
| 2022 | -29.8% | – |
| 2023 | -2.1% | – |
| 2024 | +20.9% | – |
| 2025 | -15.3% | +29.7% |
| 2026 | +14.7% | +38.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NODK and TBN good diversifiers for each other?
Yes. With a correlation of -0.25, NODK and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NODK and TBN?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.24 over the last year and n/a over 5 years.
Is TBN a good diversifier for NODK?
Yes. With a correlation of -0.25, NODK and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Related comparisons
Hubs: NODK correlations · TBN correlations
