NAK vs WRN: Correlation
Measured on weekly returns over the past three years, Northern Dynasty Minerals, Ltd. (NAK) and Western Copper and Gold Corporation (WRN) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NAK and WRN?
Across a 3-year window, the weekly returns of NAK and WRN correlate at 0.46, moderate. The link has tightened recently: the 1-year correlation (0.64) runs above the 3-year figure (0.46). Stretching to 5 years gives 0.44, with an annualized covariance of 2379.8 %².
WRN is one of the assets that tracks NAK most closely: it ranks #2 out of the 12 assets we track against NAK. The trailing year gives NAK the advantage: +96.6% versus +82.4%, a 14.2-point spread. Risk is not evenly split, since NAK 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.
NAK vs WRN: side by side
| NAK (Northern Dynasty Minerals, Ltd.) | WRN (Western Copper and Gold Corporation) | |
|---|---|---|
| 1-year return | +96.6% | +82.4% |
| 5-year return | +326.8% | +50.6% |
| Volatility (ann.) | 96.9% | 53.2% |
| Beta vs S&P 500 | 1.03 | 0.99 |
| Max drawdown (3Y) | -67.8% | -50.1% |
| Market cap | $1.0B | $0.6B |
| P/E (trailing) | – | 259.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NAK | WRN |
|---|---|---|
| 2022 | -33.3% | +14.1% |
| 2023 | +45.5% | -25.3% |
| 2024 | +81.2% | -21.1% |
| 2025 | +239.7% | +154.3% |
| 2026 | -11.2% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NAK and WRN good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NAK and WRN?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.64 over the last year and 0.44 over 5 years.
Is WRN a good diversifier for NAK?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nak-vs-wrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nak-vs-wrn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NAK correlations · WRN correlations
