NG vs OMEX: Correlation
Measured on weekly returns over the past three years, Novagold Resources Inc. (NG) and Odyssey Marine Exploration, Inc. (OMEX) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NG and OMEX?
Across a 3-year window, the weekly returns of NG and OMEX correlate at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 5289.9 %².
Within NG's tracked universe of 14 assets, OMEX comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NG outperformed by 91.4 percentage points (+38.4% for NG against -53.0% for OMEX). Note the risk asymmetry: OMEX runs 2.1 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.
NG vs OMEX: side by side
| NG (Novagold Resources Inc.) | OMEX (Odyssey Marine Exploration, Inc.) | |
|---|---|---|
| 1-year return | +38.4% | -53.0% |
| 5-year return | +28.8% | -83.6% |
| Volatility (ann.) | 72.0% | 152.5% |
| Beta vs S&P 500 | 1.55 | 2.12 |
| Max drawdown (3Y) | -63.5% | -94.6% |
| Market cap | $4.0B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NG | OMEX |
|---|---|---|
| 2022 | -12.8% | -25.4% |
| 2023 | -37.5% | +19.8% |
| 2024 | -11.0% | -84.5% |
| 2025 | +179.9% | +172.2% |
| 2026 | -2.1% | -54.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NG and OMEX good diversifiers for each other?
Reasonably. At 0.48, NG and OMEX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NG and OMEX?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.39 over the last year and 0.40 over 5 years.
Is OMEX a good diversifier for NG?
Reasonably. At 0.48, NG and OMEX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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/ng-vs-omex.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ng-vs-omex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NG correlations · OMEX correlations
