EQX vs NG: Correlation
Measured on weekly returns over the past three years, Equinox Gold Corp. (EQX) and Novagold Resources Inc. (NG) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and NG?
On 3 years of weekly data the EQX/NG correlation comes out at 0.58, moderate. The past 12 months show a tighter link (0.79) than the 3-year average (0.58). The 5-year figure is 0.60, and annualized covariance runs at 2366.8 %².
Among the 16 assets we track against EQX, NG ranks #9 by 3-year correlation. The last year tells two different stories: EQX led by 26.3 percentage points, +64.7% for EQX against +38.4% for NG.
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.
EQX vs NG: side by side
| EQX (Equinox Gold Corp.) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | +64.7% | +38.4% |
| 5-year return | +98.0% | +28.8% |
| Volatility (ann.) | 56.6% | 72.0% |
| Beta vs S&P 500 | 1.19 | 1.55 |
| Max drawdown (3Y) | -54.0% | -63.5% |
| Market cap | $15.7B | $4.0B |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQX | NG |
|---|---|---|
| 2022 | -51.5% | -12.8% |
| 2023 | +49.1% | -37.5% |
| 2024 | +2.7% | -11.0% |
| 2025 | +179.7% | +179.9% |
| 2026 | -3.8% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and NG good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EQX and NG?
The EQX/NG correlation stands at 0.58 on a 3-year window (1 year: 0.79, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is NG a good diversifier for EQX?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqx-vs-ng.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqx-vs-ng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQX correlations · NG correlations
