AMCR vs NEM: Correlation
Amcor (AMCR) and Newmont (NEM) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMCR and NEM?
On 3 years of weekly data the AMCR/NEM correlation comes out at 0.32, moderate. The past 12 months show a tighter link (0.47) than the 3-year average (0.32). The 5-year figure is 0.31, and annualized covariance runs at 336.9 %².
Among the 36 assets we track against AMCR, NEM ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 72.1 percentage points (+12.6% for AMCR against +84.7% for NEM). On a rolling one-year basis the correlation drifted between 0.07 and 0.48, a moderate band. One caveat on sizing: NEM is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AMCR vs NEM: side by side
| AMCR (Amcor) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +12.6% | +84.7% |
| 5-year return | -9.8% | +165.9% |
| Volatility (ann.) | 24.5% | 43.0% |
| Beta vs S&P 500 | 0.46 | 0.87 |
| Max drawdown (3Y) | -32.0% | -36.6% |
| Market cap | $21.5B | $139.4B |
| P/E (trailing) | 19.8 | 16.6 |
| Dividend yield | 5.51% | 0.78% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | AMCR | NEM |
|---|---|---|
| 2022 | +3.2% | -20.8% |
| 2023 | -15.0% | -8.8% |
| 2024 | +2.6% | -7.8% |
| 2025 | -9.0% | +172.8% |
| 2026 | +14.9% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMCR and NEM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMCR and NEM?
The AMCR/NEM correlation stands at 0.32 on a 3-year window (1 year: 0.47, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is NEM a good diversifier for AMCR?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AMCR correlations · NEM correlations
