NMG vs WDFC: Correlation
Measured on weekly returns over the past three years, Nouveau Monde Graphite Inc. (NMG) and WD-40 Company (WDFC) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMG and WDFC?
On 3 years of weekly data the NMG/WDFC correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.04, and annualized covariance runs at -406.3 %².
WDFC is close to the least connected end of NMG's tracked universe, ranking #9 of 11. The last year tells two different stories: WDFC led by 22.5 percentage points, -21.8% for NMG against +0.7% for WDFC. One caveat on sizing: NMG is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WDFC: side by side
| NMG (Nouveau Monde Graphite Inc.) | WDFC (WD-40 Company) | |
|---|---|---|
| 1-year return | -21.8% | +0.7% |
| 5-year return | -77.4% | +0.9% |
| Volatility (ann.) | 72.8% | 27.6% |
| Beta vs S&P 500 | 1.20 | 0.18 |
| Max drawdown (3Y) | -75.1% | -34.2% |
| Market cap | $0.5B | $2.9B |
| P/E (trailing) | – | 33.3 |
| Dividend yield | 0.00% | 1.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMG | WDFC |
|---|---|---|
| 2022 | -45.4% | -33.0% |
| 2023 | -31.7% | +50.9% |
| 2024 | -39.1% | +2.9% |
| 2025 | +56.0% | -17.4% |
| 2026 | -39.1% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMG and WDFC good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between NMG and WDFC?
The NMG/WDFC correlation stands at -0.20 on a 3-year window (1 year: -0.25, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is WDFC a good diversifier for NMG?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 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/nmg-vs-wdfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmg-vs-wdfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NMG correlations · WDFC correlations
