BATL vs NEM: Correlation
Measured on weekly returns over the past three years, Battalion Oil Corporation (BATL) and Newmont (NEM) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and NEM?
Across a 3-year window, the weekly returns of BATL and NEM correlate at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.17 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -1830.8 %².
Among the 44 assets we track against BATL, NEM ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 72.0 percentage points (+12.7% for BATL against +84.7% for NEM). One caveat on sizing: BATL is 5.9 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.
BATL vs NEM: side by side
| BATL (Battalion Oil Corporation) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +12.7% | +84.7% |
| 5-year return | -87.1% | +165.9% |
| Volatility (ann.) | 252.0% | 43.0% |
| Beta vs S&P 500 | -0.19 | 0.87 |
| Max drawdown (3Y) | -95.8% | -36.6% |
| Market cap | $0.1B | $139.4B |
| P/E (trailing) | – | 16.6 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | BATL | NEM |
|---|---|---|
| 2022 | -0.9% | -20.8% |
| 2023 | -1.0% | -8.8% |
| 2024 | -82.1% | -7.8% |
| 2025 | -34.3% | +172.8% |
| 2026 | +17.7% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and NEM good diversifiers for each other?
Yes. With a correlation of -0.17, BATL and NEM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and NEM?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.36 over the last year and -0.09 over 5 years.
Is NEM a good diversifier for BATL?
Yes. With a correlation of -0.17, BATL and NEM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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/batl-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batl-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BATL correlations · NEM correlations
