North American Construction Group Ltd. (NOA) — Stock Correlations & Overview

Frequently asked questions about NOA correlations

Which stocks are most correlated with NOA?

Based on one year of daily returns, the stocks most correlated with North American Construction Group Ltd. (NOA) are ALH (0.45), PIEQ (0.40) and BKDV (0.40). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.

Which stocks are inversely correlated with NOA?

Over the past year, the stocks most inversely correlated with North American Construction Group Ltd. (NOA) are MYY (-0.36), TWM (-0.36) and TZA (-0.36). A negative correlation means the two stocks have tended to move in opposite directions.

What does a correlation of 0.8 mean for a stock?

Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.

How are these NOA correlations calculated?

We compute the correlation of daily returns between NOA and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.