NNOX vs SSRM: Correlation
How closely do NANO-X IMAGING LTD (NNOX) and SSR Mining Inc. (SSRM) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNOX and SSRM?
Across a 3-year window, the weekly returns of NNOX and SSRM correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.09) than the 3-year average (-0.24). Stretching to 5 years gives -0.04, with an annualized covariance of -1637.4 %².
Among the 21 assets we track against NNOX, SSRM sits near the bottom by co-movement, at rank #21. The last year tells two different stories: SSRM led by 190.4 percentage points, -78.6% for NNOX against +111.8% for SSRM. One caveat on sizing: NNOX is 1.7 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.
NNOX vs SSRM: side by side
| NNOX (NANO-X IMAGING LTD) | SSRM (SSR Mining Inc.) | |
|---|---|---|
| 1-year return | -78.6% | +111.8% |
| 5-year return | -96.5% | +149.2% |
| Volatility (ann.) | 106.8% | 64.6% |
| Beta vs S&P 500 | 1.70 | 0.98 |
| Max drawdown (3Y) | -93.5% | -73.4% |
| Market cap | $0.1B | $8.0B |
| P/E (trailing) | – | 14.7 |
| Dividend yield | 0.00% | 0.08% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNOX | SSRM |
|---|---|---|
| 2022 | -49.2% | -10.0% |
| 2023 | -13.7% | -29.9% |
| 2024 | +13.0% | -35.3% |
| 2025 | -61.1% | +214.9% |
| 2026 | -69.9% | +78.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNOX and SSRM good diversifiers for each other?
Yes. With a correlation of -0.24, NNOX and SSRM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NNOX and SSRM?
As of 2026-08-27, the correlation of weekly returns between NNOX and SSRM is -0.24 over 3 years, 0.09 over 1 year and -0.04 over 5 years.
Is SSRM a good diversifier for NNOX?
Yes. With a correlation of -0.24, NNOX and SSRM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/nnox-vs-ssrm.json
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Related comparisons
Hubs: NNOX correlations · SSRM correlations
