NovaGold Resources Inc. (NG) — Stock Correlations & Overview
Over the past year, NG has moved most closely with SGDM, JNUG, GDXU. Explore the stocks most correlated and inversely correlated with NG below, along with its price, financials, and company profile.
Stocks correlated with NG
Correlation of daily returns. Higher positive values move with NG; negative values move opposite it. Informational only, not investment advice.
Most correlated with NG
| Symbol | Company | Correlation |
|---|---|---|
| SGDM | Sprott Gold Miners ETF | 0.84 |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X ETF | 0.84 |
| GDXU | MicroSectors Gold Miners 3x Leveraged ETNCOMMERCIAL BANKS, NEC | 0.84 |
| GDXJ | VanEck Junior Gold Miners ETF | 0.84 |
| GBUG | Sprott Active Gold & Silver Miners ETF | 0.84 |
Most inversely correlated with NG
| Symbol | Company | Correlation |
|---|---|---|
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X ETF | -0.83 |
| DUST | Direxion Daily Gold Miners Index Bear 2X ETF | -0.83 |
| GDXD | MicroSectors Gold Miners -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.83 |
| GLL | ProShares UltraShort GoldCOMMODITY CONTRACTS BROKERS & DEALERS | -0.74 |
| DULL | MicroSectors Gold -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.74 |
Frequently asked questions about NG correlations
- Which stocks are most correlated with NG?
- Based on one year of daily returns, the stocks most correlated with NovaGold Resources Inc. (NG) are SGDM (0.84), JNUG (0.84) and GDXU (0.84). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with NG?
- Over the past year, the stocks most inversely correlated with NovaGold Resources Inc. (NG) are JDST (-0.83), DUST (-0.83) and GDXD (-0.83). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these NG correlations calculated?
- We compute the correlation of daily returns between NG and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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