ASM vs NAK: Correlation
Measured on weekly returns over the past three years, Avino Silver & Gold Mines Ltd. (ASM) and Northern Dynasty Minerals, Ltd. (NAK) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASM and NAK?
Across a 3-year window, the weekly returns of ASM and NAK correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.43, with an annualized covariance of 3283.6 %².
Within ASM's tracked universe of 14 assets, NAK comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NAK ahead by 20.5 points (+76.1% versus +96.6%).
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.
ASM vs NAK: side by side
| ASM (Avino Silver & Gold Mines Ltd.) | NAK (Northern Dynasty Minerals, Ltd.) | |
|---|---|---|
| 1-year return | +76.1% | +96.6% |
| 5-year return | +657.8% | +326.8% |
| Volatility (ann.) | 77.8% | 96.9% |
| Beta vs S&P 500 | 1.95 | 1.03 |
| Max drawdown (3Y) | -53.1% | -67.8% |
| Market cap | $1.3B | $1.0B |
| P/E (trailing) | 28.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASM | NAK |
|---|---|---|
| 2022 | -20.9% | -33.3% |
| 2023 | -23.5% | +45.5% |
| 2024 | +69.2% | +81.2% |
| 2025 | +605.7% | +239.7% |
| 2026 | +24.5% | -11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASM and NAK good diversifiers for each other?
Reasonably. At 0.44, ASM and NAK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASM and NAK?
As of 2026-08-27, the correlation of weekly returns between ASM and NAK is 0.44 over 3 years, 0.49 over 1 year and 0.43 over 5 years.
Is NAK a good diversifier for ASM?
Reasonably. At 0.44, ASM and NAK keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/asm-vs-nak.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asm-vs-nak/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASM correlations · NAK correlations
