GSM vs NEWP: Correlation
How closely do Ferroglobe PLC (GSM) and New Pacific Metals Corp. (NEWP) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSM and NEWP?
On 3 years of weekly data the GSM/NEWP correlation comes out at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 2044.3 %².
Among the 13 assets we track against GSM, NEWP ranks #5 by 3-year correlation. The last year tells two different stories: NEWP led by 321.9 percentage points, -3.3% for GSM against +318.6% for NEWP.
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.
GSM vs NEWP: side by side
| GSM (Ferroglobe PLC) | NEWP (New Pacific Metals Corp.) | |
|---|---|---|
| 1-year return | -3.3% | +318.6% |
| 5-year return | -45.4% | +96.6% |
| Volatility (ann.) | 52.6% | 76.6% |
| Beta vs S&P 500 | 1.11 | 1.96 |
| Max drawdown (3Y) | -53.7% | -64.6% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSM | NEWP |
|---|---|---|
| 2022 | -38.0% | -23.5% |
| 2023 | +69.1% | -15.1% |
| 2024 | -40.9% | -38.2% |
| 2025 | +23.7% | +197.5% |
| 2026 | -12.0% | +111.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSM and NEWP good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GSM and NEWP?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.53 over the last year and 0.44 over 5 years.
Is NEWP a good diversifier for GSM?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gsm-vs-newp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gsm-vs-newp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GSM correlations · NEWP correlations
