MGLD vs NEXM: Correlation
Measured on weekly returns over the past three years, The Marygold Companies, Inc. (MGLD) and NexMetals Mining Corp. (NEXM) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGLD and NEXM?
Across a 3-year window, the weekly returns of MGLD and NEXM correlate at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.17, with an annualized covariance of -1724.2 %².
NEXM is close to the least connected end of MGLD's tracked universe, ranking #15 of 16. The last year tells two different stories: MGLD led by 62.5 percentage points, +8.7% for MGLD against -53.8% for NEXM.
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 NEXM: side by side
| MGLD (The Marygold Companies, Inc.) | NEXM (NexMetals Mining Corp.) | |
|---|---|---|
| 1-year return | +8.7% | -53.8% |
| 5-year return | -70.5% | -87.5% |
| Volatility (ann.) | 77.2% | 73.4% |
| Beta vs S&P 500 | -0.28 | 1.07 |
| Max drawdown (3Y) | -66.8% | -92.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGLD | NEXM |
|---|---|---|
| 2022 | – | -29.6% |
| 2023 | -29.3% | -22.1% |
| 2024 | +66.0% | -67.8% |
| 2025 | -49.8% | -34.8% |
| 2026 | +13.3% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGLD and NEXM good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGLD and NEXM?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.23 over the last year and -0.17 over 5 years.
Is NEXM a good diversifier for MGLD?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 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/mgld-vs-nexm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgld-vs-nexm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGLD correlations · NEXM correlations
