AG vs NEWP: Correlation
Measured on weekly returns over the past three years, First Majestic Silver Corp. (AG) and New Pacific Metals Corp. (NEWP) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and NEWP?
On 3 years of weekly data the AG/NEWP correlation comes out at 0.70, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.70 over 3. The 5-year figure is 0.63, and annualized covariance runs at 3739.2 %².
Within AG's tracked universe of 27 assets, NEWP comes in at #12 by 3-year correlation. The last year tells two different stories: NEWP led by 178.7 percentage points, +139.9% for AG against +318.6% for NEWP.
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.
AG vs NEWP: side by side
| AG (First Majestic Silver Corp.) | NEWP (New Pacific Metals Corp.) | |
|---|---|---|
| 1-year return | +139.9% | +318.6% |
| 5-year return | +74.1% | +96.6% |
| Volatility (ann.) | 70.1% | 76.6% |
| Beta vs S&P 500 | 1.45 | 1.96 |
| Max drawdown (3Y) | -53.0% | -64.6% |
| Market cap | $10.7B | $1.4B |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | NEWP |
|---|---|---|
| 2022 | -24.7% | -23.5% |
| 2023 | -26.0% | -15.1% |
| 2024 | -10.5% | -38.2% |
| 2025 | +204.1% | +197.5% |
| 2026 | +30.7% | +111.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and NEWP good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AG and NEWP?
The AG/NEWP correlation stands at 0.70 on a 3-year window (1 year: 0.75, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is NEWP a good diversifier for AG?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
A reading of 0.70 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/ag-vs-newp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ag-vs-newp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AG correlations · NEWP correlations
