NB vs WMB: Correlation
How closely do NioCorp Developments Ltd. (NB) and Williams Companies (WMB) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NB and WMB?
Across a 3-year window, the weekly returns of NB and WMB correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.21). Stretching to 5 years gives n/a, with an annualized covariance of -446.0 %².
Among the 23 assets we track against NB, WMB sits near the bottom by co-movement, at rank #19. The last year tells two different stories: WMB led by 38.7 percentage points, -5.6% for NB against +33.1% for WMB. One caveat on sizing: NB is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NB vs WMB: side by side
| NB (NioCorp Developments Ltd.) | WMB (Williams Companies) | |
|---|---|---|
| 1-year return | -5.6% | +33.1% |
| 5-year return | n/a | +279.9% |
| Volatility (ann.) | 90.1% | 24.0% |
| Beta vs S&P 500 | 0.33 | 0.34 |
| Max drawdown (3Y) | -74.7% | -12.4% |
| Market cap | $0.6B | $90.7B |
| P/E (trailing) | – | 29.7 |
| Dividend yield | 0.00% | 2.76% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NB | WMB |
|---|---|---|
| 2022 | – | +32.8% |
| 2023 | – | +11.9% |
| 2024 | -51.4% | +62.3% |
| 2025 | +241.9% | +14.9% |
| 2026 | -17.5% | +25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NB and WMB good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between NB and WMB?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.08 over the last year and n/a over 5 years.
Is WMB a good diversifier for NB?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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.
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Related comparisons
Hubs: NB correlations · WMB correlations
