MUX vs PZG: Correlation
McEwen Inc. (MUX) and Paramount Gold Nevada Corp. (PZG) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUX and PZG?
Over the past 3 years, MUX and PZG moved with a correlation of 0.45, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.45). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 1543.3 %².
By 3-year correlation, PZG places #9 of the 15 assets tracked against MUX. Their recent paths diverged sharply: over the last 12 months MUX outperformed by 39.4 percentage points (+97.3% for MUX against +57.9% for PZG).
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.
MUX vs PZG: side by side
| MUX (McEwen Inc.) | PZG (Paramount Gold Nevada Corp.) | |
|---|---|---|
| 1-year return | +97.3% | +57.9% |
| 5-year return | +90.0% | +73.0% |
| Volatility (ann.) | 56.7% | 60.9% |
| Beta vs S&P 500 | 1.41 | 0.50 |
| Max drawdown (3Y) | -46.5% | -60.3% |
| Market cap | $1.3B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUX | PZG |
|---|---|---|
| 2022 | -33.9% | -50.6% |
| 2023 | +23.0% | +8.7% |
| 2024 | +7.9% | -8.8% |
| 2025 | +137.9% | +268.4% |
| 2026 | +17.0% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUX and PZG good diversifiers for each other?
Reasonably. At 0.45, MUX and PZG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MUX and PZG?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.60 over the last year and 0.47 over 5 years.
Is PZG a good diversifier for MUX?
Reasonably. At 0.45, MUX and PZG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
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Related comparisons
Hubs: MUX correlations · PZG correlations
