NAK vs NB: Correlation
Measured on weekly returns over the past three years, Northern Dynasty Minerals, Ltd. (NAK) and NioCorp Developments Ltd. (NB) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAK and NB?
Across a 3-year window, the weekly returns of NAK and NB correlate at 0.41, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.41). Stretching to 5 years gives n/a, with an annualized covariance of 3557.9 %².
By 3-year correlation, NB places #5 of the 12 assets tracked against NAK. Their recent paths diverged sharply: over the last 12 months NAK outperformed by 102.2 percentage points (+96.6% for NAK against -5.6% for NB).
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.
NAK vs NB: side by side
| NAK (Northern Dynasty Minerals, Ltd.) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | +96.6% | -5.6% |
| 5-year return | +326.8% | n/a |
| Volatility (ann.) | 96.9% | 90.1% |
| Beta vs S&P 500 | 1.03 | 0.33 |
| Max drawdown (3Y) | -67.8% | -74.7% |
| Market cap | $1.0B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAK | NB |
|---|---|---|
| 2022 | -33.3% | – |
| 2023 | +45.5% | – |
| 2024 | +81.2% | -51.4% |
| 2025 | +239.7% | +241.9% |
| 2026 | -11.2% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAK and NB good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAK and NB?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.67 over the last year and n/a over 5 years.
Is NB a good diversifier for NAK?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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/nak-vs-nb.json
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Related comparisons
Hubs: NAK correlations · NB correlations
