AEM vs NG: Correlation
Agnico Eagle Mines Limited (AEM) and Novagold Resources Inc. (NG) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and NG?
On 3 years of weekly data the AEM/NG correlation comes out at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.57). The 5-year figure is 0.59, and annualized covariance runs at 1691.1 %².
Within AEM's tracked universe of 36 assets, NG comes in at #30 by 3-year correlation. The last year tells two different stories: AEM led by 17.5 percentage points, +55.9% for AEM against +38.4% for NG. Note the risk asymmetry: NG runs 1.8 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.
AEM vs NG: side by side
| AEM (Agnico Eagle Mines Limited) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +38.4% |
| 5-year return | +323.8% | +28.8% |
| Volatility (ann.) | 40.9% | 72.0% |
| Beta vs S&P 500 | 0.70 | 1.55 |
| Max drawdown (3Y) | -45.8% | -63.5% |
| Market cap | $109.1B | $4.0B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | NG |
|---|---|---|
| 2022 | +1.1% | -12.8% |
| 2023 | +9.0% | -37.5% |
| 2024 | +46.0% | -11.0% |
| 2025 | +119.5% | +179.9% |
| 2026 | +27.6% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and NG good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEM and NG?
The AEM/NG correlation stands at 0.57 on a 3-year window (1 year: 0.84, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is NG a good diversifier for AEM?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-ng.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aem-vs-ng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · NG correlations
