MGLD vs NEM: Correlation
Measured on weekly returns over the past three years, The Marygold Companies, Inc. (MGLD) and Newmont (NEM) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGLD and NEM?
Over the past 3 years, MGLD and NEM moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.17). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -576.2 %².
Within MGLD's tracked universe of 16 assets, NEM comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 76.0 percentage points (+8.7% for MGLD against +84.7% for NEM). Risk is not evenly split, since MGLD carries 1.8 times the volatility of the other side.
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.
MGLD vs NEM: side by side
| MGLD (The Marygold Companies, Inc.) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +8.7% | +84.7% |
| 5-year return | -70.5% | +165.9% |
| Volatility (ann.) | 77.2% | 43.0% |
| Beta vs S&P 500 | -0.28 | 0.87 |
| Max drawdown (3Y) | -66.8% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | – | 16.6 |
| Dividend yield | 0.00% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | MGLD | NEM |
|---|---|---|
| 2022 | – | -20.8% |
| 2023 | -29.3% | -8.8% |
| 2024 | +66.0% | -7.8% |
| 2025 | -49.8% | +172.8% |
| 2026 | +13.3% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGLD and NEM 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 MGLD and NEM?
The MGLD/NEM correlation stands at -0.17 on a 3-year window (1 year: -0.33, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is NEM a good diversifier for MGLD?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgld-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgld-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGLD correlations · NEM correlations
