LZM vs TRP: Correlation
Measured on weekly returns over the past three years, Lifezone Metals Limited (LZM) and TC Energy Corporation (TRP) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LZM and TRP?
Across a 3-year window, the weekly returns of LZM and TRP correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.15, with an annualized covariance of -362.3 %².
Among the 12 assets we track against LZM, TRP sits near the bottom by co-movement, at rank #9. The last year tells two different stories: TRP led by 26.6 percentage points, -3.3% for LZM against +23.3% for TRP. One caveat on sizing: LZM is 4.1 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.
LZM vs TRP: side by side
| LZM (Lifezone Metals Limited) | TRP (TC Energy Corporation) | |
|---|---|---|
| 1-year return | -3.3% | +23.3% |
| 5-year return | -55.4% | +67.2% |
| Volatility (ann.) | 81.7% | 20.0% |
| Beta vs S&P 500 | 1.75 | 0.16 |
| Max drawdown (3Y) | -82.0% | -12.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | 24.5 |
| Dividend yield | 0.00% | 5.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LZM | TRP |
|---|---|---|
| 2022 | +4.7% | -9.7% |
| 2023 | -12.9% | +4.7% |
| 2024 | -23.1% | +26.2% |
| 2025 | -38.6% | +21.2% |
| 2026 | +3.0% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LZM and TRP good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between LZM and TRP?
The LZM/TRP correlation stands at -0.22 on a 3-year window (1 year: -0.41, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is TRP a good diversifier for LZM?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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/lzm-vs-trp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lzm-vs-trp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LZM correlations · TRP correlations
