NTRP vs PEN: Correlation
Measured on weekly returns over the past three years, NextTrip, Inc. (NTRP) and Penumbra, Inc. (PEN) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRP and PEN?
Across a 3-year window, the weekly returns of NTRP and PEN correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.09) runs above the 3-year figure (-0.22). Stretching to 5 years gives -0.07, with an annualized covariance of -1106.2 %².
PEN is close to the least connected end of NTRP's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with PEN ahead by 82.1 points (-61.8% versus +20.3%). Risk is not evenly split, since NTRP carries 3.9 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.
NTRP vs PEN: side by side
| NTRP (NextTrip, Inc.) | PEN (Penumbra, Inc.) | |
|---|---|---|
| 1-year return | -61.8% | +20.3% |
| 5-year return | -98.0% | +18.7% |
| Volatility (ann.) | 139.9% | 36.0% |
| Beta vs S&P 500 | 0.04 | 0.30 |
| Max drawdown (3Y) | -84.7% | -45.5% |
| Market cap | – | $12.6B |
| P/E (trailing) | – | 79.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTRP | PEN |
|---|---|---|
| 2022 | -78.3% | -22.6% |
| 2023 | -62.2% | +13.1% |
| 2024 | +99.5% | -5.6% |
| 2025 | -46.4% | +30.9% |
| 2026 | -57.6% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRP and PEN good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NTRP and PEN?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with 0.09 over the last year and -0.07 over 5 years.
Is PEN a good diversifier for NTRP?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/ntrp-vs-pen.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntrp-vs-pen/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTRP correlations · PEN correlations
