Nouveau Monde Graphite Inc. (NMG) — Stock Correlations & Overview
Over the past year, NMG has moved most closely with ELBM, REMX, SETM. Explore the stocks most correlated and inversely correlated with NMG below, along with its price, financials, and company profile.
Stocks correlated with NMG
Correlation of daily returns. Higher positive values move with NMG; negative values move opposite it. Informational only, not investment advice.
Most correlated with NMG
| Symbol | Company | Correlation |
|---|---|---|
| ELBM | Electra Battery Materials Corporation Common Stock | 0.62 |
| REMX | VanEck Rare Earth and Strategic Metals ETF | 0.57 |
| SETM | Sprott Funds Trust Sprott Critical Materials ETF | 0.57 |
| LITP | Sprott Lithium Miners ETF | 0.54 |
| CRML | Critical Metals Corp. Ordinary Shares | 0.54 |
Most inversely correlated with NMG
| Symbol | Company | Correlation |
|---|---|---|
| RGTZ | Defiance Daily Target 2x Short RGTI ETF | -0.46 |
| IONZ | Defiance Daily Target 2x Short IONQ ETF | -0.40 |
| QBTZ | Defiance Daily Target 2x Short QBTS ETF | -0.39 |
| SARK | Investment Managers Series Trust II Tradr 1X Short Innovation Daily ETF | -0.39 |
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X ETF | -0.38 |
Frequently asked questions about NMG correlations
- Which stocks are most correlated with NMG?
- Based on one year of daily returns, the stocks most correlated with Nouveau Monde Graphite Inc. (NMG) are ELBM (0.62), REMX (0.57) and SETM (0.57). 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 NMG?
- Over the past year, the stocks most inversely correlated with Nouveau Monde Graphite Inc. (NMG) are RGTZ (-0.46), IONZ (-0.40) and QBTZ (-0.39). 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 NMG correlations calculated?
- We compute the correlation of daily returns between NMG 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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