MACI vs NEM: Correlation
How closely do Melar Acquisition Corp. I - Class A (MACI) and Newmont (NEM) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MACI and NEM?
Over the past 3 years, MACI and NEM moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -24.6 %².
Within MACI's tracked universe of 71 assets, NEM comes in at #63 by 3-year correlation. The last year tells two different stories: NEM led by 80.3 percentage points, +4.4% for MACI against +84.7% for NEM. Note the risk asymmetry: NEM runs 20.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MACI vs NEM: side by side
| MACI (Melar Acquisition Corp. I - Class A) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +4.4% | +84.7% |
| 5-year return | n/a | +165.9% |
| Volatility (ann.) | 2.1% | 43.0% |
| Beta vs S&P 500 | -0.03 | 0.87 |
| Max drawdown (3Y) | -2.0% | -36.6% |
| Market cap | $0.2B | $139.4B |
| P/E (trailing) | 60.9 | 16.6 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | MACI | NEM |
|---|---|---|
| 2022 | – | -20.8% |
| 2023 | – | -8.8% |
| 2024 | – | -7.8% |
| 2025 | +5.7% | +172.8% |
| 2026 | +3.1% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MACI and NEM good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MACI and NEM?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.32 over the last year and n/a over 5 years.
Is NEM a good diversifier for MACI?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 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/maci-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/maci-vs-nem/)
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Related comparisons
Hubs: MACI correlations · NEM correlations
