DTM vs NB: Correlation
DT Midstream, Inc. (DTM) and NioCorp Developments Ltd. (NB) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DTM and NB?
On 3 years of weekly data the DTM/NB correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.24 over 3. The 5-year figure is n/a, and annualized covariance runs at -527.1 %².
NB is close to the least connected end of DTM's tracked universe, ranking #15 of 17. Correlation aside, the last 12 months split them widely, with DTM ahead by 38.5 points (+32.9% versus -5.6%). Note the risk asymmetry: NB runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DTM vs NB: side by side
| DTM (DT Midstream, Inc.) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | +32.9% | -5.6% |
| 5-year return | +248.3% | n/a |
| Volatility (ann.) | 23.9% | 90.1% |
| Beta vs S&P 500 | 0.42 | 0.33 |
| Max drawdown (3Y) | -23.6% | -74.7% |
| Market cap | $13.4B | $0.6B |
| P/E (trailing) | 29.1 | – |
| Dividend yield | 2.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DTM | NB |
|---|---|---|
| 2022 | +20.7% | – |
| 2023 | +4.7% | – |
| 2024 | +88.9% | -51.4% |
| 2025 | +24.1% | +241.9% |
| 2026 | +11.4% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DTM and NB good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between DTM and NB?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.19 over the last year and n/a over 5 years.
Is NB a good diversifier for DTM?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: DTM correlations · NB correlations
