NEM vs RGLD: Correlation
Newmont (NEM) and Royal Gold, Inc. (RGLD) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and RGLD?
Across a 3-year window, the weekly returns of NEM and RGLD correlate at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 1242.8 %².
Among the 34 assets we track against NEM, RGLD ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 31.4 percentage points (+84.7% for NEM against +53.3% for RGLD).
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.
NEM vs RGLD: side by side
| NEM (Newmont) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +84.7% | +53.3% |
| 5-year return | +165.9% | +156.8% |
| Volatility (ann.) | 43.0% | 35.8% |
| Beta vs S&P 500 | 0.87 | 0.64 |
| Max drawdown (3Y) | -36.6% | -38.2% |
| Market cap | $139.4B | $22.8B |
| P/E (trailing) | 16.6 | 29.5 |
| Dividend yield | 0.78% | 0.36% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | RGLD |
|---|---|---|
| 2022 | -20.8% | +8.5% |
| 2023 | -8.8% | +8.7% |
| 2024 | -7.8% | +10.4% |
| 2025 | +172.8% | +70.4% |
| 2026 | +33.1% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and RGLD good diversifiers for each other?
No: a correlation of 0.81 means NEM and RGLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NEM and RGLD?
As of 2026-08-27, the correlation of weekly returns between NEM and RGLD is 0.81 over 3 years, 0.91 over 1 year and 0.80 over 5 years.
Is RGLD a good diversifier for NEM?
No: a correlation of 0.81 means NEM and RGLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 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/nem-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nem-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEM correlations · RGLD correlations
