MWG vs NFGC: Correlation
How closely do Multi Ways Holdings Limited Class A (MWG) and New Found Gold Corp (NFGC) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MWG and NFGC?
Across a 3-year window, the weekly returns of MWG and NFGC correlate at 0.27, weak. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.27). Stretching to 5 years gives n/a, with an annualized covariance of 1500.5 %².
Among the 10 assets we track against MWG, NFGC ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NFGC ahead by 62.0 points (-46.6% versus +15.4%).
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.
MWG vs NFGC: side by side
| MWG (Multi Ways Holdings Limited Class A) | NFGC (New Found Gold Corp) | |
|---|---|---|
| 1-year return | -46.6% | +15.4% |
| 5-year return | n/a | -71.1% |
| Volatility (ann.) | 87.1% | 64.2% |
| Beta vs S&P 500 | 0.47 | 1.22 |
| Max drawdown (3Y) | -81.5% | -78.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MWG | NFGC |
|---|---|---|
| 2022 | – | -43.5% |
| 2023 | – | -13.4% |
| 2024 | +26.2% | -48.0% |
| 2025 | -6.3% | +63.2% |
| 2026 | -52.3% | -34.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MWG and NFGC good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MWG and NFGC?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.16 over the last year and n/a over 5 years.
Is NFGC a good diversifier for MWG?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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
$ curl https://www.pairbook.io/api/v1/pairs/mwg-vs-nfgc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mwg-vs-nfgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MWG correlations · NFGC correlations
