AQMS vs NUAI: Correlation
Measured on weekly returns over the past three years, Aqua Metals, Inc. (AQMS) and New Era Energy & Digital, Inc. (NUAI) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQMS and NUAI?
On 3 years of weekly data the AQMS/NUAI correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 11683.5 %².
By 3-year correlation, NUAI places #5 of the 15 assets tracked against AQMS. Their recent paths diverged sharply: over the last 12 months NUAI outperformed by 951.9 percentage points (-25.9% for AQMS against +926.0% for NUAI).
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.
AQMS vs NUAI: side by side
| AQMS (Aqua Metals, Inc.) | NUAI (New Era Energy & Digital, Inc.) | |
|---|---|---|
| 1-year return | -25.9% | +926.0% |
| 5-year return | -99.4% | -47.8% |
| Volatility (ann.) | 132.6% | 179.9% |
| Beta vs S&P 500 | 1.86 | 1.47 |
| Max drawdown (3Y) | -98.9% | -97.2% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQMS | NUAI |
|---|---|---|
| 2022 | +1.6% | – |
| 2023 | -39.2% | +5.1% |
| 2024 | -83.4% | -43.6% |
| 2025 | -81.0% | -51.2% |
| 2026 | -41.5% | +75.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQMS and NUAI good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AQMS and NUAI?
The AQMS/NUAI correlation stands at 0.49 on a 3-year window (1 year: 0.51, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is NUAI a good diversifier for AQMS?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/aqms-vs-nuai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aqms-vs-nuai/)
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Related comparisons
Hubs: AQMS correlations · NUAI correlations
