TMC vs USAR: Correlation
Measured on weekly returns over the past three years, TMC the metals company Inc. (TMC) and USA Rare Earth, Inc. (USAR) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMC and USAR?
Over the past 3 years, TMC and USAR moved with a correlation of 0.38, which is moderate. The link has tightened recently: the 1-year correlation (0.65) runs above the 3-year figure (0.38). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 3501.4 %².
Among the 11 assets we track against TMC, USAR ranks #5 by 3-year correlation. The last year tells two different stories: USAR led by 26.8 percentage points, -4.1% for TMC against +22.7% for USAR.
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.
TMC vs USAR: side by side
| TMC (TMC the metals company Inc.) | USAR (USA Rare Earth, Inc.) | |
|---|---|---|
| 1-year return | -4.1% | +22.7% |
| 5-year return | -45.9% | n/a |
| Volatility (ann.) | 94.3% | 98.3% |
| Beta vs S&P 500 | 1.21 | -0.14 |
| Max drawdown (3Y) | -67.7% | -69.2% |
| Market cap | $2.9B | $4.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TMC | USAR |
|---|---|---|
| 2022 | -63.0% | – |
| 2023 | +42.9% | – |
| 2024 | +1.8% | +11.1% |
| 2025 | +450.9% | +3.7% |
| 2026 | -17.5% | +61.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMC and USAR good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between TMC and USAR?
As of 2026-08-27, the correlation of weekly returns between TMC and USAR is 0.38 over 3 years, 0.65 over 1 year and n/a over 5 years.
Is USAR a good diversifier for TMC?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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/tmc-vs-usar.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmc-vs-usar/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TMC correlations · USAR correlations
