MLM vs NEM: Correlation
Martin Marietta Materials (MLM) and Newmont (NEM) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLM and NEM?
Across a 3-year window, the weekly returns of MLM and NEM correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Stretching to 5 years gives 0.25, with an annualized covariance of 333.7 %².
Among the 36 assets we track against MLM, NEM ranks #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 98.5 percentage points (-13.8% for MLM against +84.7% for NEM). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.02 to 0.49. Risk is not evenly split, since NEM 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.
MLM vs NEM: side by side
| MLM (Martin Marietta Materials) | NEM (Newmont) | |
|---|---|---|
| 1-year return | -13.8% | +84.7% |
| 5-year return | +42.4% | +165.9% |
| Volatility (ann.) | 23.9% | 43.0% |
| Beta vs S&P 500 | 0.85 | 0.87 |
| Max drawdown (3Y) | -26.8% | -36.6% |
| Market cap | $37.5B | $139.4B |
| P/E (trailing) | 34.4 | 16.6 |
| Dividend yield | 0.62% | 0.78% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | MLM | NEM |
|---|---|---|
| 2022 | -22.7% | -20.8% |
| 2023 | +48.6% | -8.8% |
| 2024 | +4.1% | -7.8% |
| 2025 | +21.3% | +172.8% |
| 2026 | -14.9% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLM and NEM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MLM and NEM?
The MLM/NEM correlation stands at 0.32 on a 3-year window (1 year: 0.42, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is NEM a good diversifier for MLM?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mlm-vs-nem/)
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Related comparisons
Hubs: MLM correlations · NEM correlations
