NEXM vs WRN: Correlation
NexMetals Mining Corp. (NEXM) and Western Copper and Gold Corporation (WRN) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXM and WRN?
Across a 3-year window, the weekly returns of NEXM and WRN correlate at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.35). Stretching to 5 years gives 0.24, with an annualized covariance of 1369.4 %².
Among the 11 assets we track against NEXM, WRN ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WRN ahead by 136.2 points (-53.8% versus +82.4%).
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 WRN: side by side
| NEXM (NexMetals Mining Corp.) | WRN (Western Copper and Gold Corporation) | |
|---|---|---|
| 1-year return | -53.8% | +82.4% |
| 5-year return | -87.5% | +50.6% |
| Volatility (ann.) | 73.4% | 53.2% |
| Beta vs S&P 500 | 1.07 | 0.99 |
| Max drawdown (3Y) | -92.1% | -50.1% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | – | 259.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEXM | WRN |
|---|---|---|
| 2022 | -29.6% | +14.1% |
| 2023 | -22.1% | -25.3% |
| 2024 | -67.8% | -21.1% |
| 2025 | -34.8% | +154.3% |
| 2026 | -36.2% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXM and WRN good diversifiers for each other?
Reasonably. At 0.35, NEXM and WRN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NEXM and WRN?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.63 over the last year and 0.24 over 5 years.
Is WRN a good diversifier for NEXM?
Reasonably. At 0.35, NEXM and WRN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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/nexm-vs-wrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nexm-vs-wrn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NEXM correlations · WRN correlations
