NXE vs UEC: Correlation
Measured on weekly returns over the past three years, Nexgen Energy Ltd. (NXE) and Uranium Energy Corp. (UEC) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXE and UEC?
On 3 years of weekly data the NXE/UEC correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.82 over 3. The 5-year figure is 0.80, and annualized covariance runs at 2619.2 %².
UEC is one of the assets that tracks NXE most closely: it ranks #3 out of the 17 assets we track against NXE. Correlation aside, the last 12 months split them widely, with NXE ahead by 23.3 points (+54.6% versus +31.3%).
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.
NXE vs UEC: side by side
| NXE (Nexgen Energy Ltd.) | UEC (Uranium Energy Corp.) | |
|---|---|---|
| 1-year return | +54.6% | +31.3% |
| 5-year return | +144.9% | +467.5% |
| Volatility (ann.) | 50.8% | 63.2% |
| Beta vs S&P 500 | 1.48 | 1.71 |
| Max drawdown (3Y) | -54.3% | -55.1% |
| Market cap | $7.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXE | UEC |
|---|---|---|
| 2022 | +1.4% | +15.8% |
| 2023 | +58.0% | +64.9% |
| 2024 | -5.7% | +4.5% |
| 2025 | +39.4% | +74.6% |
| 2026 | +21.6% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXE and UEC good diversifiers for each other?
No. With a correlation of 0.82, NXE and UEC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NXE and UEC?
As of 2026-08-27, the correlation of weekly returns between NXE and UEC is 0.82 over 3 years, 0.76 over 1 year and 0.80 over 5 years.
Is UEC a good diversifier for NXE?
No. With a correlation of 0.82, NXE and UEC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/nxe-vs-uec.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nxe-vs-uec/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NXE correlations · UEC correlations
