QNBC vs TANH: Correlation
How closely do QNB Corp. (QNBC) and Tantech Holdings Ltd. - Class A (TANH) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QNBC and TANH?
On 3 years of weekly data the QNBC/TANH correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.13, and annualized covariance runs at -487.9 %².
TANH is close to the least connected end of QNBC's tracked universe, ranking #17 of 19. Correlation aside, the last 12 months split them widely, with QNBC ahead by 112.3 points (+31.3% versus -81.0%). Note the risk asymmetry: TANH runs 6.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
QNBC vs TANH: side by side
| QNBC (QNB Corp.) | TANH (Tantech Holdings Ltd. - Class A) | |
|---|---|---|
| 1-year return | +31.3% | -81.0% |
| 5-year return | +50.2% | -100.0% |
| Volatility (ann.) | 17.1% | 104.0% |
| Beta vs S&P 500 | -0.03 | 1.09 |
| Max drawdown (3Y) | -12.1% | -99.7% |
| Market cap | $0.3B | – |
| P/E (trailing) | 13.4 | – |
| Dividend yield | 3.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | QNBC | TANH |
|---|---|---|
| 2022 | -23.3% | -98.1% |
| 2023 | +4.7% | -44.7% |
| 2024 | +37.9% | -82.3% |
| 2025 | +7.7% | -88.2% |
| 2026 | +31.2% | -62.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QNBC and TANH good diversifiers for each other?
Yes. With a correlation of -0.27, QNBC and TANH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between QNBC and TANH?
The QNBC/TANH correlation stands at -0.27 on a 3-year window (1 year: -0.30, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is TANH a good diversifier for QNBC?
Yes. With a correlation of -0.27, QNBC and TANH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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: QNBC correlations · TANH correlations
