CHNR vs NMG: Correlation
Measured on weekly returns over the past three years, China Natural Resources, Inc. (CHNR) and Nouveau Monde Graphite Inc. (NMG) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHNR and NMG?
Over the past 3 years, CHNR and NMG moved with a correlation of 0.41, which is moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.41). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 2473.1 %².
By 3-year correlation, NMG places #13 of the 22 assets tracked against CHNR. The last year tells two different stories: CHNR led by 30.0 percentage points, +8.2% for CHNR 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.
CHNR vs NMG: side by side
| CHNR (China Natural Resources, Inc.) | NMG (Nouveau Monde Graphite Inc.) | |
|---|---|---|
| 1-year return | +8.2% | -21.8% |
| 5-year return | -91.7% | -77.4% |
| Volatility (ann.) | 83.4% | 72.8% |
| Beta vs S&P 500 | 0.65 | 1.20 |
| Max drawdown (3Y) | -88.4% | -75.1% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHNR | NMG |
|---|---|---|
| 2022 | -34.5% | -45.4% |
| 2023 | -16.3% | -31.7% |
| 2024 | -57.2% | -39.1% |
| 2025 | -33.8% | +56.0% |
| 2026 | +13.9% | -39.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHNR and NMG good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHNR and NMG?
As of 2026-08-27, the correlation of weekly returns between CHNR and NMG is 0.41 over 3 years, 0.18 over 1 year and 0.31 over 5 years.
Is NMG a good diversifier for CHNR?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/chnr-vs-nmg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/chnr-vs-nmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHNR correlations · NMG correlations
