GM vs NB: Correlation
General Motors (GM) and NioCorp Developments Ltd. (NB) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GM and NB?
Across a 3-year window, the weekly returns of GM and NB correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.02) runs above the 3-year figure (-0.17). Stretching to 5 years gives n/a, with an annualized covariance of -502.2 %².
Among the 35 assets we track against GM, NB ranks #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GM ahead by 53.6 points (+48.0% versus -5.6%). One caveat on sizing: NB is 2.8 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.
GM vs NB: side by side
| GM (General Motors) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | +48.0% | -5.6% |
| 5-year return | +82.5% | n/a |
| Volatility (ann.) | 32.2% | 90.1% |
| Beta vs S&P 500 | 0.98 | 0.33 |
| Max drawdown (3Y) | -29.1% | -74.7% |
| Market cap | $77.9B | $0.6B |
| P/E (trailing) | 38.6 | – |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | GM | NB |
|---|---|---|
| 2022 | -42.4% | – |
| 2023 | +7.9% | – |
| 2024 | +49.8% | -51.4% |
| 2025 | +54.2% | +241.9% |
| 2026 | +6.5% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GM and NB good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GM and NB?
The GM/NB correlation stands at -0.17 on a 3-year window (1 year: -0.02, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NB a good diversifier for GM?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 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: GM correlations · NB correlations
