NEXM vs USAU: Correlation
Measured on weekly returns over the past three years, NexMetals Mining Corp. (NEXM) and U.S. Gold Corp. (USAU) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXM and USAU?
Across a 3-year window, the weekly returns of NEXM and USAU correlate at 0.41, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.70 versus 0.41 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 2113.3 %².
USAU is one of the assets that tracks NEXM most closely: it ranks #1 out of the 11 assets we track against NEXM. The last year tells two different stories: USAU led by 77.4 percentage points, -53.8% for NEXM against +23.6% for USAU.
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.
NEXM vs USAU: side by side
| NEXM (NexMetals Mining Corp.) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | -53.8% | +23.6% |
| 5-year return | -87.5% | +73.0% |
| Volatility (ann.) | 73.4% | 69.5% |
| Beta vs S&P 500 | 1.07 | 1.73 |
| Max drawdown (3Y) | -92.1% | -44.0% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEXM | USAU |
|---|---|---|
| 2022 | -29.6% | -46.5% |
| 2023 | -22.1% | -11.5% |
| 2024 | -67.8% | +44.2% |
| 2025 | -34.8% | +216.6% |
| 2026 | -36.2% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXM and USAU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NEXM and USAU?
As of 2026-08-27, the correlation of weekly returns between NEXM and USAU is 0.41 over 3 years, 0.70 over 1 year and 0.29 over 5 years.
Is USAU a good diversifier for NEXM?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 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: NEXM correlations · USAU correlations
