NAK vs TMQ: Correlation
Northern Dynasty Minerals, Ltd. (NAK) and Trilogy Metals Inc. (TMQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAK and TMQ?
On 3 years of weekly data the NAK/TMQ correlation comes out at 0.46, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.61 versus 0.46 over 3 years. The 5-year figure is 0.43, and annualized covariance runs at 5879.1 %².
Few assets follow NAK as closely as TMQ, which ranks #1 of 12 tracked partners. The last year tells two different stories: TMQ led by 29.7 percentage points, +96.6% for NAK against +126.3% for TMQ.
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 TMQ: side by side
| NAK (Northern Dynasty Minerals, Ltd.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +96.6% | +126.3% |
| 5-year return | +326.8% | +85.3% |
| Volatility (ann.) | 96.9% | 131.6% |
| Beta vs S&P 500 | 1.03 | 0.28 |
| Max drawdown (3Y) | -67.8% | -72.5% |
| Market cap | $1.0B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAK | TMQ |
|---|---|---|
| 2022 | -33.3% | -66.7% |
| 2023 | +45.5% | -21.8% |
| 2024 | +81.2% | +169.8% |
| 2025 | +239.7% | +271.6% |
| 2026 | -11.2% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAK and TMQ good diversifiers for each other?
Reasonably. At 0.46, NAK and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NAK and TMQ?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.61 over the last year and 0.43 over 5 years.
Is TMQ a good diversifier for NAK?
Reasonably. At 0.46, NAK and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: NAK correlations · TMQ correlations
