EIX vs NB: Correlation
How closely do Edison International (EIX) and NioCorp Developments Ltd. (NB) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIX and NB?
Over the past 3 years, EIX and NB moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.24 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -552.4 %².
Among the 30 assets we track against EIX, NB ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EIX outperformed by 46.0 percentage points (+40.4% for EIX against -5.6% for NB). One caveat on sizing: NB is 3.5 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.
EIX vs NB: side by side
| EIX (Edison International) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | +40.4% | -5.6% |
| 5-year return | +62.2% | n/a |
| Volatility (ann.) | 26.0% | 90.1% |
| Beta vs S&P 500 | 0.24 | 0.33 |
| Max drawdown (3Y) | -43.9% | -74.7% |
| Market cap | $28.4B | $0.6B |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 4.64% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | EIX | NB |
|---|---|---|
| 2022 | -2.6% | – |
| 2023 | +17.4% | – |
| 2024 | +15.2% | -51.4% |
| 2025 | -20.4% | +241.9% |
| 2026 | +27.6% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIX and NB good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EIX and NB?
As of 2026-08-27, the correlation of weekly returns between EIX and NB is -0.24 over 3 years, -0.41 over 1 year and n/a over 5 years.
Is NB a good diversifier for EIX?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
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: EIX correlations · NB correlations
