CCJ vs NXE: Correlation
How closely do Cameco Corporation (CCJ) and Nexgen Energy Ltd. (NXE) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCJ and NXE?
On 3 years of weekly data the CCJ/NXE correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 1870.7 %².
NXE is one of the assets that tracks CCJ most closely: it ranks #1 out of the 15 assets we track against CCJ. Over the last 12 months NXE came out ahead by 13.1 percentage points (+41.5% against +54.6%).
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.
CCJ vs NXE: side by side
| CCJ (Cameco Corporation) | NXE (Nexgen Energy Ltd.) | |
|---|---|---|
| 1-year return | +41.5% | +54.6% |
| 5-year return | +501.7% | +144.9% |
| Volatility (ann.) | 44.1% | 50.8% |
| Beta vs S&P 500 | 1.33 | 1.48 |
| Max drawdown (3Y) | -40.0% | -54.3% |
| Market cap | $46.3B | $7.5B |
| P/E (trailing) | 183.3 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCJ | NXE |
|---|---|---|
| 2022 | +4.3% | +1.4% |
| 2023 | +90.5% | +58.0% |
| 2024 | +19.5% | -5.7% |
| 2025 | +78.4% | +39.4% |
| 2026 | +16.2% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCJ and NXE good diversifiers for each other?
No: a correlation of 0.84 means CCJ and NXE tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CCJ and NXE?
The CCJ/NXE correlation stands at 0.84 on a 3-year window (1 year: 0.86, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is NXE a good diversifier for CCJ?
No: a correlation of 0.84 means CCJ and NXE tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/ccj-vs-nxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccj-vs-nxe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCJ correlations · NXE correlations
