NMG vs NVX: Correlation
Measured on weekly returns over the past three years, Nouveau Monde Graphite Inc. (NMG) and NOVONIX Limited - American Depository Shares (NVX) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMG and NVX?
Over the past 3 years, NMG and NVX moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 2738.0 %².
By 3-year correlation, NVX places #5 of the 11 assets tracked against NMG. Their recent paths diverged sharply: over the last 12 months NMG outperformed by 53.6 percentage points (-21.8% for NMG against -75.4% for NVX).
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.
NMG vs NVX: side by side
| NMG (Nouveau Monde Graphite Inc.) | NVX (NOVONIX Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | -21.8% | -75.4% |
| 5-year return | -77.4% | -98.4% |
| Volatility (ann.) | 72.8% | 96.1% |
| Beta vs S&P 500 | 1.20 | 1.02 |
| Max drawdown (3Y) | -75.1% | -88.4% |
| Market cap | $0.5B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMG | NVX |
|---|---|---|
| 2022 | -45.4% | – |
| 2023 | -31.7% | -52.7% |
| 2024 | -39.1% | -7.2% |
| 2025 | +56.0% | -43.9% |
| 2026 | -39.1% | -64.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMG and NVX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NMG and NVX?
As of 2026-08-27, the correlation of weekly returns between NMG and NVX is 0.39 over 3 years, 0.44 over 1 year and 0.38 over 5 years.
Is NVX a good diversifier for NMG?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/nmg-vs-nvx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmg-vs-nvx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NMG correlations · NVX correlations
