ELBM vs NFGC: Correlation
Measured on weekly returns over the past three years, Electra Battery Materials Corporation (ELBM) and New Found Gold Corp (NFGC) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELBM and NFGC?
Over the past 3 years, ELBM and NFGC moved with a correlation of 0.37, which is moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.37). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 2131.1 %².
By 3-year correlation, NFGC places #4 of the 10 assets tracked against ELBM. Correlation aside, the last 12 months split them widely, with NFGC ahead by 46.4 points (-31.0% versus +15.4%).
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.
ELBM vs NFGC: side by side
| ELBM (Electra Battery Materials Corporation) | NFGC (New Found Gold Corp) | |
|---|---|---|
| 1-year return | -31.0% | +15.4% |
| 5-year return | -96.3% | -71.1% |
| Volatility (ann.) | 90.9% | 64.2% |
| Beta vs S&P 500 | 1.38 | 1.22 |
| Max drawdown (3Y) | -93.0% | -78.7% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELBM | NFGC |
|---|---|---|
| 2022 | -62.5% | -43.5% |
| 2023 | -78.0% | -13.4% |
| 2024 | +27.1% | -48.0% |
| 2025 | -56.9% | +63.2% |
| 2026 | -22.4% | -34.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and NFGC good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELBM and NFGC?
The ELBM/NFGC correlation stands at 0.37 on a 3-year window (1 year: 0.49, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is NFGC a good diversifier for ELBM?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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/elbm-vs-nfgc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elbm-vs-nfgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELBM correlations · NFGC correlations
