NVX vs TMQ: Correlation
How closely do NOVONIX Limited - American Depository Shares (NVX) and Trilogy Metals Inc. (TMQ) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NVX and TMQ?
Over the past 3 years, NVX and TMQ moved with a correlation of 0.49, which is moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.49). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 6237.3 %².
In NVX's tracked universe of 15 assets, TMQ sits right near the top at #2. The last year tells two different stories: TMQ led by 201.7 percentage points, -75.4% for NVX against +126.3% for TMQ.
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.
NVX vs TMQ: side by side
| NVX (NOVONIX Limited - American Depository Shares) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | -75.4% | +126.3% |
| 5-year return | -98.4% | +85.3% |
| Volatility (ann.) | 96.1% | 131.6% |
| Beta vs S&P 500 | 1.02 | 0.28 |
| Max drawdown (3Y) | -88.4% | -72.5% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NVX | TMQ |
|---|---|---|
| 2022 | – | -66.7% |
| 2023 | -52.7% | -21.8% |
| 2024 | -7.2% | +169.8% |
| 2025 | -43.9% | +271.6% |
| 2026 | -64.3% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NVX and TMQ good diversifiers for each other?
Reasonably. At 0.49, NVX and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NVX and TMQ?
As of 2026-08-27, the correlation of weekly returns between NVX and TMQ is 0.49 over 3 years, 0.72 over 1 year and 0.44 over 5 years.
Is TMQ a good diversifier for NVX?
Reasonably. At 0.49, NVX and TMQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NVX correlations · TMQ correlations
