DNN vs NXE: Correlation
Denison Mines Corp (DNN) and Nexgen Energy Ltd. (NXE) show a very strong relationship: their 3-year correlation of weekly returns is 0.90.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNN and NXE?
Over the past 3 years, DNN and NXE moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 2532.7 %².
In DNN's tracked universe of 19 assets, NXE sits right near the top at #1. The trailing year gives DNN the advantage: +69.1% versus +54.6%, a 14.5-point spread.
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.
DNN vs NXE: side by side
| DNN (Denison Mines Corp) | NXE (Nexgen Energy Ltd.) | |
|---|---|---|
| 1-year return | +69.1% | +54.6% |
| 5-year return | +211.0% | +144.9% |
| Volatility (ann.) | 55.6% | 50.8% |
| Beta vs S&P 500 | 1.35 | 1.48 |
| Max drawdown (3Y) | -52.5% | -54.3% |
| Market cap | $3.3B | $7.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNN | NXE |
|---|---|---|
| 2022 | -16.1% | +1.4% |
| 2023 | +53.9% | +58.0% |
| 2024 | +1.7% | -5.7% |
| 2025 | +47.8% | +39.4% |
| 2026 | +38.0% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNN and NXE good diversifiers for each other?
No: a correlation of 0.90 means DNN and NXE tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DNN and NXE?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.90 over the last year and 0.89 over 5 years.
Is NXE a good diversifier for DNN?
No: a correlation of 0.90 means DNN and NXE tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.90 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dnn-vs-nxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnn-vs-nxe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DNN correlations · NXE correlations
