PZG vs ULS: Correlation
How closely do Paramount Gold Nevada Corp. (PZG) and UL Solutions Inc. (ULS) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PZG and ULS?
Over the past 3 years, PZG and ULS moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -483.8 %².
ULS is close to the least connected end of PZG's tracked universe, ranking #10 of 10. The last year tells two different stories: PZG led by 37.6 percentage points, +57.9% for PZG against +20.3% for ULS. Risk is not evenly split, since PZG carries 1.7 times the volatility of the other side.
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.
PZG vs ULS: side by side
| PZG (Paramount Gold Nevada Corp.) | ULS (UL Solutions Inc.) | |
|---|---|---|
| 1-year return | +57.9% | +20.3% |
| 5-year return | +73.0% | n/a |
| Volatility (ann.) | 60.9% | 35.3% |
| Beta vs S&P 500 | 0.50 | 0.47 |
| Max drawdown (3Y) | -60.3% | -29.4% |
| Market cap | – | $15.3B |
| P/E (trailing) | – | 30.3 |
| Dividend yield | 0.00% | 0.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PZG | ULS |
|---|---|---|
| 2022 | -50.6% | – |
| 2023 | +8.7% | – |
| 2024 | -8.8% | – |
| 2025 | +268.4% | +59.3% |
| 2026 | +19.0% | -3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PZG and ULS good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PZG and ULS?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.21 over the last year and n/a over 5 years.
Is ULS a good diversifier for PZG?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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/pzg-vs-uls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pzg-vs-uls/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PZG correlations · ULS correlations
