AVX vs NG: Correlation
Measured on weekly returns over the past three years, Avax One Technology Ltd. (AVX) and Novagold Resources Inc. (NG) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVX and NG?
Across a 3-year window, the weekly returns of AVX and NG correlate at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 3050.6 %².
Within AVX's tracked universe of 12 assets, NG comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NG ahead by 126.5 points (-88.1% versus +38.4%). Note the risk asymmetry: AVX runs 1.7 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.
AVX vs NG: side by side
| AVX (Avax One Technology Ltd.) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | -88.1% | +38.4% |
| 5-year return | -100.0% | +28.8% |
| Volatility (ann.) | 119.5% | 72.0% |
| Beta vs S&P 500 | 1.28 | 1.55 |
| Max drawdown (3Y) | -100.0% | -63.5% |
| Market cap | – | $4.0B |
| P/E (trailing) | 0.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVX | NG |
|---|---|---|
| 2022 | -45.7% | -12.8% |
| 2023 | -99.2% | -37.5% |
| 2024 | -95.0% | -11.0% |
| 2025 | -92.9% | +179.9% |
| 2026 | -80.7% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVX and NG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AVX and NG?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.43 over the last year and 0.24 over 5 years.
Is NG a good diversifier for AVX?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avx-vs-ng.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/avx-vs-ng/)
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Related comparisons
Hubs: AVX correlations · NG correlations
