NFGC vs SA: Correlation
Measured on weekly returns over the past three years, New Found Gold Corp (NFGC) and Seabridge Gold, Inc. (SA) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFGC and SA?
Over the past 3 years, NFGC and SA moved with a correlation of 0.61, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.73 versus 0.61 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 2219.7 %².
In NFGC's tracked universe of 13 assets, SA sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months SA outperformed by 89.7 percentage points (+15.4% for NFGC against +105.1% for SA).
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.
NFGC vs SA: side by side
| NFGC (New Found Gold Corp) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +15.4% | +105.1% |
| 5-year return | -71.1% | +93.2% |
| Volatility (ann.) | 64.2% | 56.7% |
| Beta vs S&P 500 | 1.22 | 1.46 |
| Max drawdown (3Y) | -78.7% | -52.5% |
| Market cap | $0.7B | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NFGC | SA |
|---|---|---|
| 2022 | -43.5% | -23.7% |
| 2023 | -13.4% | -3.6% |
| 2024 | -48.0% | -5.9% |
| 2025 | +63.2% | +159.3% |
| 2026 | -34.3% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFGC and SA good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NFGC and SA?
As of 2026-08-27, the correlation of weekly returns between NFGC and SA is 0.61 over 3 years, 0.73 over 1 year and 0.57 over 5 years.
Is SA a good diversifier for NFGC?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nfgc-vs-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nfgc-vs-sa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NFGC correlations · SA correlations
