NVGS vs PANL: Correlation
How closely do Navigator Holdings Ltd. (NVGS) and Pangaea Logistics Solutions Ltd. (PANL) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVGS and PANL?
On 3 years of weekly data the NVGS/PANL correlation comes out at 0.54, moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.54). The 5-year figure is 0.52, and annualized covariance runs at 650.0 %².
Among the 15 assets we track against NVGS, PANL ranks #9 by 3-year correlation. On 12-month performance PANL holds a 12.2-point edge, +37.5% against +49.7%.
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.
NVGS vs PANL: side by side
| NVGS (Navigator Holdings Ltd.) | PANL (Pangaea Logistics Solutions Ltd.) | |
|---|---|---|
| 1-year return | +37.5% | +49.7% |
| 5-year return | +159.5% | +109.8% |
| Volatility (ann.) | 28.8% | 42.2% |
| Beta vs S&P 500 | 0.68 | 0.96 |
| Max drawdown (3Y) | -38.9% | -54.8% |
| Market cap | $1.4B | $0.5B |
| P/E (trailing) | 9.9 | 10.8 |
| Dividend yield | 1.30% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVGS | PANL |
|---|---|---|
| 2022 | +34.8% | +44.2% |
| 2023 | +22.5% | +70.6% |
| 2024 | +6.8% | -31.1% |
| 2025 | +14.4% | +34.6% |
| 2026 | +28.1% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVGS and PANL good diversifiers for each other?
Only partially. A correlation of 0.54 means NVGS and PANL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NVGS and PANL?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.68 over the last year and 0.52 over 5 years.
Is PANL a good diversifier for NVGS?
Only partially. A correlation of 0.54 means NVGS and PANL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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/nvgs-vs-panl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nvgs-vs-panl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NVGS correlations · PANL correlations
