NG vs SA: Correlation
Novagold Resources Inc. (NG) and Seabridge Gold, Inc. (SA) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NG and SA?
Across a 3-year window, the weekly returns of NG and SA correlate at 0.60, strong. The link has tightened recently: the 1-year correlation (0.81) runs above the 3-year figure (0.60). Stretching to 5 years gives 0.62, with an annualized covariance of 2467.9 %².
SA is one of the assets that tracks NG most closely: it ranks #1 out of the 14 assets we track against NG. Their recent paths diverged sharply: over the last 12 months SA outperformed by 66.7 percentage points (+38.4% for NG 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.
NG vs SA: side by side
| NG (Novagold Resources Inc.) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +38.4% | +105.1% |
| 5-year return | +28.8% | +93.2% |
| Volatility (ann.) | 72.0% | 56.7% |
| Beta vs S&P 500 | 1.55 | 1.46 |
| Max drawdown (3Y) | -63.5% | -52.5% |
| Market cap | $4.0B | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NG | SA |
|---|---|---|
| 2022 | -12.8% | -23.7% |
| 2023 | -37.5% | -3.6% |
| 2024 | -11.0% | -5.9% |
| 2025 | +179.9% | +159.3% |
| 2026 | -2.1% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NG and SA good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NG and SA?
The NG/SA correlation stands at 0.60 on a 3-year window (1 year: 0.81, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SA a good diversifier for NG?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ng-vs-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ng-vs-sa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NG correlations · SA correlations
