MUSA vs PZG: Correlation
Measured on weekly returns over the past three years, Murphy USA Inc. (MUSA) and Paramount Gold Nevada Corp. (PZG) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUSA and PZG?
Across a 3-year window, the weekly returns of MUSA and PZG correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.19 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -398.9 %².
By 3-year correlation, PZG places #10 of the 15 assets tracked against MUSA. Their recent paths diverged sharply: over the last 12 months PZG outperformed by 22.6 percentage points (+35.3% for MUSA against +57.9% for PZG). Risk is not evenly split, since PZG 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.
MUSA vs PZG: side by side
| MUSA (Murphy USA Inc.) | PZG (Paramount Gold Nevada Corp.) | |
|---|---|---|
| 1-year return | +35.3% | +57.9% |
| 5-year return | +234.8% | +73.0% |
| Volatility (ann.) | 33.7% | 60.9% |
| Beta vs S&P 500 | 0.06 | 0.50 |
| Max drawdown (3Y) | -35.5% | -60.3% |
| Market cap | $9.4B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.46% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUSA | PZG |
|---|---|---|
| 2022 | +41.0% | -50.6% |
| 2023 | +28.2% | +8.7% |
| 2024 | +41.3% | -8.8% |
| 2025 | -19.1% | +268.4% |
| 2026 | +26.7% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUSA and PZG good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MUSA and PZG?
As of 2026-08-27, the correlation of weekly returns between MUSA and PZG is -0.19 over 3 years, -0.34 over 1 year and -0.11 over 5 years.
Is PZG a good diversifier for MUSA?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MUSA correlations · PZG correlations
