NMG vs SA: Correlation
How closely do Nouveau Monde Graphite Inc. (NMG) and Seabridge Gold, Inc. (SA) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMG and SA?
On 3 years of weekly data the NMG/SA correlation comes out at 0.40, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.40). The 5-year figure is 0.36, and annualized covariance runs at 1644.9 %².
In NMG's tracked universe of 11 assets, SA sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months SA outperformed by 126.9 percentage points (-21.8% for NMG 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.
NMG vs SA: side by side
| NMG (Nouveau Monde Graphite Inc.) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | -21.8% | +105.1% |
| 5-year return | -77.4% | +93.2% |
| Volatility (ann.) | 72.8% | 56.7% |
| Beta vs S&P 500 | 1.20 | 1.46 |
| Max drawdown (3Y) | -75.1% | -52.5% |
| Market cap | $0.5B | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMG | SA |
|---|---|---|
| 2022 | -45.4% | -23.7% |
| 2023 | -31.7% | -3.6% |
| 2024 | -39.1% | -5.9% |
| 2025 | +56.0% | +159.3% |
| 2026 | -39.1% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMG and SA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NMG and SA?
The NMG/SA correlation stands at 0.40 on a 3-year window (1 year: 0.56, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SA a good diversifier for NMG?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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
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Related comparisons
Hubs: NMG correlations · SA correlations
