IE vs NAK: Correlation
Ivanhoe Electric Inc. (IE) and Northern Dynasty Minerals, Ltd. (NAK) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IE and NAK?
Across a 3-year window, the weekly returns of IE and NAK correlate at 0.42, moderate. The past 12 months show a tighter link (0.71) than the 3-year average (0.42). Stretching to 5 years gives 0.39, with an annualized covariance of 2799.8 %².
Among the 14 assets we track against IE, NAK ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NAK outperformed by 65.5 percentage points (+31.1% for IE against +96.6% for NAK).
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.
IE vs NAK: side by side
| IE (Ivanhoe Electric Inc.) | NAK (Northern Dynasty Minerals, Ltd.) | |
|---|---|---|
| 1-year return | +31.1% | +96.6% |
| 5-year return | +8.2% | +326.8% |
| Volatility (ann.) | 69.5% | 96.9% |
| Beta vs S&P 500 | 2.00 | 1.03 |
| Max drawdown (3Y) | -70.7% | -67.8% |
| Market cap | $1.9B | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IE | NAK |
|---|---|---|
| 2022 | – | -33.3% |
| 2023 | -17.0% | +45.5% |
| 2024 | -25.1% | +81.2% |
| 2025 | +111.7% | +239.7% |
| 2026 | -26.8% | -11.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IE and NAK good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IE and NAK?
As of 2026-08-27, the correlation of weekly returns between IE and NAK is 0.42 over 3 years, 0.71 over 1 year and 0.39 over 5 years.
Is NAK a good diversifier for IE?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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/ie-vs-nak.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ie-vs-nak/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IE correlations · NAK correlations
