AYA vs NMG: Correlation
Measured on weekly returns over the past three years, Aya Gold & Silver Inc. (AYA) and Nouveau Monde Graphite Inc. (NMG) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AYA and NMG?
Over the past 3 years, AYA and NMG moved with a correlation of 0.39, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.39 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 2119.4 %².
By 3-year correlation, NMG places #7 of the 14 assets tracked against AYA. The last year tells two different stories: AYA led by 234.4 percentage points, +212.6% for AYA against -21.8% for NMG.
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.
AYA vs NMG: side by side
| AYA (Aya Gold & Silver Inc.) | NMG (Nouveau Monde Graphite Inc.) | |
|---|---|---|
| 1-year return | +212.6% | -21.8% |
| 5-year return | +267.0% | -77.4% |
| Volatility (ann.) | 73.7% | 72.8% |
| Beta vs S&P 500 | 1.95 | 1.20 |
| Max drawdown (3Y) | -56.1% | -75.1% |
| Market cap | $4.2B | $0.5B |
| P/E (trailing) | 36.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AYA | NMG |
|---|---|---|
| 2022 | -11.0% | -45.4% |
| 2023 | +10.4% | -31.7% |
| 2024 | +2.0% | -39.1% |
| 2025 | +92.4% | +56.0% |
| 2026 | +103.8% | -39.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AYA and NMG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AYA and NMG?
The AYA/NMG correlation stands at 0.39 on a 3-year window (1 year: 0.51, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is NMG a good diversifier for AYA?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/aya-vs-nmg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aya-vs-nmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AYA correlations · NMG correlations
