NG vs PAVS: Correlation
Measured on weekly returns over the past three years, Novagold Resources Inc. (NG) and Paranovus Entertainment Technology Ltd. - Class A (PAVS) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NG and PAVS?
Across a 3-year window, the weekly returns of NG and PAVS correlate at 0.30, moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.30). Stretching to 5 years gives 0.21, with an annualized covariance of 2925.1 %².
Out of 14 assets tracked against NG, PAVS lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with NG ahead by 138.4 points (+38.4% versus -100.0%). Note the risk asymmetry: PAVS runs 1.9 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 PAVS: side by side
| NG (Novagold Resources Inc.) | PAVS (Paranovus Entertainment Technology Ltd. - Class A) | |
|---|---|---|
| 1-year return | +38.4% | -100.0% |
| 5-year return | +28.8% | -100.0% |
| Volatility (ann.) | 72.0% | 133.6% |
| Beta vs S&P 500 | 1.55 | 1.06 |
| Max drawdown (3Y) | -63.5% | -100.0% |
| Market cap | $4.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NG | PAVS |
|---|---|---|
| 2022 | -12.8% | -61.1% |
| 2023 | -37.5% | -44.6% |
| 2024 | -11.0% | -44.4% |
| 2025 | +179.9% | -98.7% |
| 2026 | -2.1% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NG and PAVS good diversifiers for each other?
Reasonably. At 0.30, NG and PAVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NG and PAVS?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.46 over the last year and 0.21 over 5 years.
Is PAVS a good diversifier for NG?
Reasonably. At 0.30, NG and PAVS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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/ng-vs-pavs.json
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[](https://www.pairbook.io/pair/ng-vs-pavs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NG correlations · PAVS correlations
