NEM vs VGZ: Correlation
Newmont (NEM) and Vista Gold Corp (VGZ) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and VGZ?
On 3 years of weekly data the NEM/VGZ correlation comes out at 0.61, strong. Lately the two have moved closer together, with the 1-year correlation at 0.73 versus 0.61 over 3 years. The 5-year figure is 0.57, and annualized covariance runs at 2026.9 %².
Among the 34 assets we track against NEM, VGZ ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VGZ ahead by 19.6 points (+84.7% versus +104.3%). Note the risk asymmetry: VGZ runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VGZ: side by side
| NEM (Newmont) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | +84.7% | +104.3% |
| 5-year return | +165.9% | +197.5% |
| Volatility (ann.) | 43.0% | 77.0% |
| Beta vs S&P 500 | 0.87 | 1.31 |
| Max drawdown (3Y) | -36.6% | -49.5% |
| Market cap | $139.4B | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 0.78% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | VGZ |
|---|---|---|
| 2022 | -20.8% | -29.6% |
| 2023 | -8.8% | -10.0% |
| 2024 | -7.8% | +24.4% |
| 2025 | +172.8% | +251.8% |
| 2026 | +33.1% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and VGZ good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NEM and VGZ?
As of 2026-08-27, the correlation of weekly returns between NEM and VGZ is 0.61 over 3 years, 0.73 over 1 year and 0.57 over 5 years.
Is VGZ a good diversifier for NEM?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/nem-vs-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nem-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEM correlations · VGZ correlations
