MP vs NB: Correlation
How closely do MP Materials Corp. (MP) and NioCorp Developments Ltd. (NB) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MP and NB?
On 3 years of weekly data the MP/NB correlation comes out at 0.40, moderate. The past 12 months show a tighter link (0.61) than the 3-year average (0.40). The 5-year figure is n/a, and annualized covariance runs at 2493.6 %².
Within MP's tracked universe of 13 assets, NB comes in at #6 by 3-year correlation. On 12-month performance NB holds a 11.7-point edge, -17.3% against -5.6%.
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.
MP vs NB: side by side
| MP (MP Materials Corp.) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | -17.3% | -5.6% |
| 5-year return | +76.6% | n/a |
| Volatility (ann.) | 69.3% | 90.1% |
| Beta vs S&P 500 | 0.90 | 0.33 |
| Max drawdown (3Y) | -61.4% | -74.7% |
| Market cap | $10.5B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MP | NB |
|---|---|---|
| 2022 | -46.5% | – |
| 2023 | -18.2% | – |
| 2024 | -21.4% | -51.4% |
| 2025 | +223.8% | +241.9% |
| 2026 | +16.8% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MP and NB good diversifiers for each other?
Reasonably. At 0.40, MP and NB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MP and NB?
The MP/NB correlation stands at 0.40 on a 3-year window (1 year: 0.61, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NB a good diversifier for MP?
Reasonably. At 0.40, MP and NB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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
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Related comparisons
Hubs: MP correlations · NB correlations
